Taxation of foreign domiciliaries and non-uk resident trusts

Guidance from ICAEW, STEP, CIOT and The Law Society on changes to the taxation of foreign domiciliaries introduced by Finance Act (No 2) Act 2017 and Finance Act 2018.

Significant changes to the taxation of foreign domiciliaries and non-UK resident trusts (specifically the anti-avoidance provisions) were enacted by Finance (No. 2) Act 2017 and Finance Act 2018.

These changes further complicated what was already extremely complex legislation. As such, ICAEW, STEP, CIOT and The Law Society of England and Wales worked together to provide a series of guides on the areas of uncertainty. 

Rebasing and adjustment to the CGT foreign capital losses election

TAXguide 09/19 focuses on the areas of uncertainty in the Finance (No. 2) Act 2017 statutory provisions for rebasing and the changes to the CGT foreign capital losses election. The guide is formed of questions and answers from the professional bodies together with comments from HMRC. 

Cleansing of mixed funds

TAXguide 02/19 considers the areas of uncertainty in the Finance (No. 2) Act 2017 statutory provisions for the cleansing of mixed funds. Some of the technical content will also be of assistance when considering general mixed fund issues. The guide is formed of questions and answers from the professional bodies together with comments from HMRC.

IHT on overseas property representing UK residential property

TAXguide 11/20 examines the areas of uncertainty in the Finance (No. 2) Act 2017 statutory provisions for inheritance tax on overseas property representing UK residential property. The guide is formed of questions and answers from the professional bodies together with comments from HMRC. 

Deemed domicile changes – trust protections

TAXguide 02/21 considers areas of uncertainty in the Finance (No 2) Act 2017 statutory provisions for trust protections. Its contents have not been agreed by or commented on by HMRC and no part of this TAXguide should be taken as representing HMRC’s views.

Deemed domicile changes – trust protections and offshore income gains

TAXguide 03/21 considers the Finance (No 2) Act 2017 statutory provisions for trust protections and offshore income gains. Apart from the text in Appendix 2 and the relevant quote from HMRC’s WMBC Compliance “One to Many” Deemed Domicile Letter in Appendix 3, no part of this TAXguide should be taken as representing HMRC’s views.  

Finance Act 2018 section 35 and schedule 10 – settlements anti-avoidance

TAXguide 03/19 highlights practical issues and uncertainties raised by Finance Act 2018 Schedule 10 (Settlements: Anti-avoidance, etc.). Its contents have not been agreed by or commented on by HMRC and no part of this TAXguide should be taken as representing HMRC’s views.