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Tax Plus Blog

So you think you are a non-dom?

There is a tendency mention the phrase “non-dom” and assume that it applies to anyone who has a non-UK background or alternatively that it applies only to the super rich. Neither is the whole story. It is crucial to be clear what the phrase means and check its applicability before considering the preparation of tax returns or...


Date: 13th September, 2018
Author: Lisa Spearman

Pensions, Property and Inheritance Tax

The Inheritance Tax (IHT) advantages available to non-UK domiciliaries have been curtailed by extending the scope of IHT to include all UK residential property regardless of the ownership structure in place. It is therefore an opportune time to remind or familiarise oneself with the tax efficiencies offered by contributing to a UK registered...


Date: 3rd May, 2018
Author: Michael Lapham

Residential properties – time to incorporate?

Mortgage interest relief is now being restricted for individuals holding loans to acquire residential properties for investment purposes. From 6 April 2020 income tax relief will be limited to the basic rate of income tax at 20% only for interest on buy-to-let residential properties. This restriction is already being phased in as my colleague Alice...


Date: 3rd May, 2018
Author: David Hadley

Mortgage interest relief restriction

From 6 April 2017, tax relief for finance costs (including mortgage interest) relating to residential property businesses was restricted with the changes phased in as follows: Tax year % of costs deducted from profits % of costs available as a basic rate tax reducer 2017/18 75% 25% 2018/19 50% 50%...


Date: 3rd May, 2018
Author: Alice Pearson

2017 Rebasing – A Welcome Relief

From April 2017 an individual who is a Long Term Resident (LTR) will become deemed UK domiciled for all UK tax purposes. A LTR is defined as someone who has been a UK resident in 15 of the last 20 years. Without the protection of the remittance basis this means LTRs will now be subject to Capital Gains Tax (CGT) on disposals of non-UK assets....


Date: 5th April, 2018
Author: Mercer & Hole Media

A window of opportunity to access tax efficient cash

To offer some respite following the substantial changes to the UK taxation of certain non-UK domiciled individuals from 6 April 2017, a temporary ‘cleansing’ relief is being offered to permit the rearranging of overseas funds and thereby enable tax efficient remittances. The window of opportunity for ‘cleansing’ or...


Date: 5th April, 2018
Author: Henry Lowe

Protection for settlors of overseas trusts

For many years there have been UK anti-avoidance provisions which seek to tax UK resident settlors on income realised within an offshore trust (and in some cases an underlying company) where the settlor or their spouse/civil partner can benefit. Further provisions seek to tax UK resident settlors on capital gains realised within an offshore trust...


Date: 5th April, 2018
Author: Alice Pearson

US tax reform

For US citizens living in the UK, there are two complicated sets of tax legislation to understand and keep up to date with. At the end of 2017 Donald Trump signed the long awaited Republican tax bill, which has resulted in the biggest tax overhaul in more than 30 years. The headline changes for individuals, which are effective from 1 January 2018,...


Date: 5th April, 2018
Author: Lynsey Lord

Tax on Cryptocurrency UK

It is certainly the case that the phrase cryptocurrency is everywhere at the moment. Usually the context is stratospheric rises or catastrophic falls in the value. Others will determine the extent to which such volatility provides investment risks and opportunities but it is important not to overlook the tax issues. By its very nature...


Date: 22nd February, 2018
Author: Lisa Spearman

Returning to the UK – tax charges on overseas property

Broadly speaking individuals, who have been living abroad for a number of years and are thinking about a return to the UK, can mitigate a UK tax charge on the disposal of properties, by selling prior to their return to the UK.  As seen in the case of Margaret and Bernard it is, however, worth checking that they will not fall into any traps...


Date: 29th January, 2018
Author: Gill Tallon

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