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Tax Plus Blog

Double trouble

Since April 2015 non UK residents have been in the scope of Capital Gains Tax (CGT) on UK residential property and therefore it is more common than ever for a taxpayer to be subject to tax in two jurisdictions on the same income or gain. In nearly all cases double taxation will be relieved and the method will be dictated by the relevant tax treaty...

 

Date: 30th May, 2017
Author: Lynsey Lord


What to watch out for when disposing of a UK rental property

With the Buy-to-Let market booming, many people will dispose of a rental property in their lifetime. This article explores some of the factors which can affect the tax position on such a sale: Deductible costs The simplest way of reducing a capital gain is to ensure all costs of acquisition and sale are claimed together with any capital...

 

Date: 30th May, 2017
Author: Lynsey Lord


IHT exposure: Non UK domiciliaries and UK residential property

Non UK domiciliaries are only subject to UK Inheritance Tax (IHT) on their UK assets. Foreign assets are treated as excluded property, which are outside the scope of UK IHT while they are neither domiciled nor deemed domiciled in the UK (broadly once they have been resident in the UK for more than 15 out of the previous 20 tax years, under the...

 

Date: 30th May, 2017
Author: Alice Pearson


UK Property – still the real deal?

Despite post Brexit fears, real estate property investment continues although there seems to be a consensus that prime parts of London have slowed down. Further tax complexity for real estate purchases has not cooled down and, from 6 April 2017, all UK residential property is in the scope of UK inheritance tax, regardless of the vehicle it is held...

 

Date: 2nd May, 2017
Author: Liz Cuthbertson


IMPORTANT UPDATE : Slimmed Down Finance Bill affects Non UK Domiciles and Inheritance Tax charges

The announcement of the general election has meant that the Finance Bill is being rushed through before Parliament is dissolved. To expedite the process a considerable number of measures have been dropped from the Bill. Specifically, all the changes relating to non UK domiciles and the Inheritance Tax (IHT) charges on UK residential property owned...

 

Date: 26th April, 2017
Author: Mercer & Hole Media


Spring Budget 2017 - Offshore matters

1.  Non domiciliaries Significant changes in the taxation of non domiciliaries will come into effect at 5 April but the law to effect these is still evolving. The main part of the legislation was issued in December 2016 but further developments have now been published in response to the consultations on the original draft and there have...

 

Date: 9th March, 2017
Author: Alison Palmer


Spring Budget 2017 - New tax on transfer to overseas pension schemes

The increase in the numbers of individuals moving across borders for work throughout their careers has in recent years led to a rise in the popularity of transferring pensions savings to overseas schemes. Under the Finance Act 2004 transfers of UK pensions savings, up to the lifetime allowance, could be made free of UK tax, provided that the...

 

Date: 9th March, 2017
Author: Michael Lapham


Too good to be true – generally yes

The Financial Conduct Authority (FCA) is urging over 55s to take their time to check that investment ‘opportunities’ are legitimate before they hand over their money. This comes as new research by the FCA reveals a fifth (22%) of over 55s, with above average incomes, suspect they were targeted by a fraudulent investment scam in the past...

 

Date: 21st December, 2016
Author: Anne McClean


Offshore trusts: the changing tax regime

Many individuals who are affected by the new deemed domicile rules will have created offshore trusts to keep non UK property out of the scope of UK Inheritance Tax (IHT). Often the settlors of these trusts will have retained an interest in the assets however up until now the remittance basis has offered protection from UK tax on any income or gains...

 

Date: 15th December, 2016
Author: Lynsey Lord


The good news part 2:  Identifying clean capital in a mixed account

Mixed foreign account ‘cleansing’ Although we advise on segregation of accounts for non domiciliaries this is not always easy or possible to implement in practice. Non domiciliaries may find that – over time – although they have clean capital, they cannot readily access it to remit to the UK because the tax rules treat...

 

Date: 15th December, 2016
Author: Alice Pearson


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