In TAXguide 04/18 Lisa Spearman provides an introduction to the taxation issues which may be in point when considering the non UK aspects of a client’s affairs. Read a summary here, Tax Faculty members can download the full guide.
In this issue: Carl Bayley looks to the year ahead for the Tax Faculty, with a new structure and tax challenges both new and old; Lindsey Wicks gets to grips with the contents of Finance (No.2) Act 2017; Lynnette Bober looks at the new protection legislation for overseas trusts; and Sue Moore explains what practitioners need to know about the Trust Registration Service.
Tax Faculty members can search for a consultant to provide technical advice on international tax related to personal finances. TAXconnect works on a telephone ‘hotline’ system, whereby consultants offer technical advice to fellow Tax Faculty members and Faculties Online subscribers on tax problems for a nominal fee.
Tax is a fast-moving and ever-changing world. Our expert staff and volunteers, and consultation work with government, means we can bring you the latest developments and expert opinions. Join today to access our resources and keep on top tax form.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
This guide highlights a change in HMRC’s approach to the treatment of loans made to remittance basis users where assets of the borrower are held by the lender. This TAXguide has been prepared jointly with STEP and the Chartered Institute of Taxation.
This TAXguide contains correspondence between ICAEW, the Financial Secretary to the Treasury and HMRC on the statutory residence test and social security in relation to expatriate employees that have been displaced due to the impacts of the coronavirus pandemic. This TAXguide replaces TAXguide 06/21 which predated HMRC’s reply on social security contributions.
This TAXguide has been replaced by TAXguide 08/21.
Guidance from ICAEW, STEP, and the CIOT to highlight practical issues and uncertainties in the statutory provisions for trust protections introduced by Finance (No 2) Act 2017. This guide is formed of notes prepared by the professional bodies covers issues, such as: de minimis, guarantees, property management and offshore income gains.
Guidance from ICAEW, STEP, and the CIOT to highlight a key issue with respect to the trust protections as introduced by Finance (No 2) Act 2017. This guide focuses on the situation where the settlor is deemed UK domiciled only under the 15-year rule and offshore income gains arise directly to the non-UK resident trust.
This TAXguide has been prepared by committee members of STEP, ICAEW, the CIOT and the Law Society to highlight practical issues and uncertainties raised by Finance Act 2018 Schedule 10 (Settlements: Anti-avoidance, etc.).
Features and articles
Inheritance tax has been in the public eye again in recent months, sparking media debate on the merits and demerits of one of the UK’s least favourite taxes. Mei Lim Cooper looks at some of the pitfalls and planning points for inheritance tax as it stands.
The UK tax burden is set to hit a post-war high in 2027/28. ICAEW examines how governments can improve the public purse at the same time as keeping public sentiment onside.
Andrew Cockman reviews the continuing litigation by Epaminondas Embiricos concerning the point at which a taxpayer’s domicile should be established in the litigation process.
Highlights from the broader tax news for the week ending 6 July 2022, including: L-Day; tax credit renewals; ID for government gateway; HMRC survey on forms; residence indicator tool; CHIEF closed to new importers; and an updated partial exemption toolkit.
Some uncertainty has arisen over the nature of accounts that need to be submitted with tax returns for non-UK resident companies with UK rental profits. HMRC has now updated its guidance to make the position clear.
Andrew Cockman explores whether HMRC can request details of a non-domiciled individual’s worldwide income and gains.
ICAEW’s Tax Faculty reports that notices to file income tax returns are being received by non-UK companies with UK rental profits despite such profits being subject to corporation tax since 6 April 2020.
HMRC has agreed an analysis of when the inheritance tax spouse exemption is available for assets held in a trust which are treated as beneficially owned by the settlor as a result of the reservation of benefit rules.
Webinars and recordings
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.
Expert commentary on the current capital gains tax legislation related to the taxation of land and property in the UK.
A full chapter on residence status rules and double taxation relief in relation to UK income tax.
Three chapters providing tax planning advice related to domicile, residence, international tax and double tax relief.
Expert commentary on the current UK corporation tax legislation related to property investment.
A chapter on tax planning for the non-resident and non-domiciled, highlighting tax planning opportunities and potential pitfalls.
A chapter on taxation relevant to non-resident investors in UK land, highlighting tax planning opportunities and potential pitfalls.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact email@example.com.
A chapter covering the concepts of residence and domicile, and their respective implications for an individual’s liability to Income Tax, Capital Gains Tax, and Inheritance Tax in the UK. The author gives tax saving tips, and illustrates points with real-world examples.
This chapter summarises the tests of residence and domicile for tax purposes, as well as double taxation arrangements and personal allowances.
An overview of Capital Gains Tax, covering: exemptions; residence and domicile; annual exemption and losses; capital gains tax rate; disposal consideration; date of disposal; allowable costs; married couples; disposal to connected parties; part disposals and shares.
This chapter deals with overseas income and gains of UK-resident individuals and companies, with a brief note on non-residents whose income arises in the UK. The chapter covers residence and domicile, general rules pertaining to the major taxes, and double taxation relief.
Markel Tax FAQs
Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by Markel Tax.
FAQ on whether a married couple, who live jointly in a house owned solely in the wife's name, can avoid paying the higher rates of stamp duty land tax, if they buy their new property solely in the husbands name, whilst keeping the original property to rent out.
FAQ onthe new rules regarding disposals made between married or divorced couples who are no longer living together on or after 6 April 2023.
FAQ on whether agent and cleaner services supplied to two holiday cottages, can be considered to be a sole trader making taxable supplies, and need a backdated VAT registration applied.
FAQ about whether the additional 2% rate of stamp duty land tax for non-residents will apply to a limited, UK-registered property letting company, whose shareholders moved out of the UK in the previous tax year and are now non-residents for tax purposes.
Markel Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.
A response dated 28 October 2022 to a review published by the Office of Tax Simplification on 31 August 2022.
A response dated 18 February 2022 to a consultation published by HM Revenue & Customs on 30 November 2021.
ICAEW’s Business Law and Tax Faculties respond to BEIS and HMRC proposals to introduce a facility for companies incorporated overseas to transfer their place of registration to the UK.
A response dated 5 October 2021 to a consultation published by HMT on 30 September 2021, including ICAEW’s Tax Faculty customary pre-Budget letter to the Financial Secretary to the Treasury. It calls for the acceleration of work to build a modern tax system, while urging a “manageable pace” of transition, it cautions against implementing tax changes without consultation, such as the new Health and Social Care Levy.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
<p>Information from the HKSAR government on chargeable and non-chargeable income from temporary residents. Also covers tax clearance when leaving Hong Kong SAR. </p>
Guidance providing an overview of taxable income, including rental income and selling or inheriting assets. It discusses personal allowances, tax reliefs available and how to claim tax reliefs, and the situation for UK residents.
Guidance for UK taxpayers with links to forms and tax returns required by HMRC, plus information on tax refunds, UK income, and National Insurance.
Guidance aimed at taxpayers covering UK residence and tax, non-domiciled residents, paying tax on foreign income, exemptions, claiming tax relief, and tax for foreign students in the UK.
HMRC internal manual providing guidance for those leaving and coming to the UK on residence and domicile status, UK tax liability and personal allowances - including guidance on particular occupations.
Comprehensive topic guide on the CRS regime, background and aims, its relationship to FATCA, the status of the Alternative Reporting Regime for UK Resident Non-Domiciles, and enforcement.
Digest of current double tax agreements showing available relief for non-residents of the UK on sources of UK income, covering dividends, interest, royalties, annuities and allowances.
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