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Tax Plus Blog

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

Budget 2017 - International points worth noting

The government remains committed to tackling tax evasion and avoidance, aggressive tax planning and non-compliance. Those seeking to evade or avoid tax using offshore structures or arrangements are a continued target.  Double Taxation Relief (DTR) DTR is designed to ensure that taxation is not suffered in more than one jurisdiction on the...


Date: 23rd November, 2017
Author: Alison Palmer

Budget 2017 - Savings and investments

While several rumours have been reported around the content of the budget for savings and investments, the actual content confirmed details and tweaks to existing policy, rather than the sweeping changes that have been prevalent over previous years.  We have summarised these details below, together with our comment on the likely impact....


Date: 23rd November, 2017
Author: William Stevens

Budget 2017 - Property news for buyers, sellers and landlords

Over the past few years there have been a significant number of changes to the taxation of UK property, mainly residential. This continues to be a theme. First time buyers Following the introduction of the Help to Buy ISA in 2015, the government has announced a further measure to assist first time buyers. Residential properties acquired on or...


Date: 23rd November, 2017
Author: Alice Pearson

Is investment in the UK still alive?

First Brexit, then more tax changes appear to take at least some of the blame for hurting the UK economy. Sterling has depreciated and so, for some overseas investors, this has presented good investment opportunities. Some key changes to UK tax are expected to be legislated later this year. Below I comment on the impact of these and what now needs...


Date: 12th October, 2017
Author: Liz Cuthbertson

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