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Making Tax Digital

Making Tax Digital (MTD) is a new initiative from HM Revenue and Customs (HMRC) that is transforming the existing UK tax system. The primary aim of MTD is to make tax administration more efficient and easier for businesses to report their profits and losses closer to ’real time’. It will...

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UK Budget summary for Private Clients

With the final stages of Brexit negotiations underway, opinion was divided as to whether Philip Hammond would use the Budget to make any significant economic or political announcements. Paul Blackwell and Sandra Francis, Trust Tax Manager, review the implications. In the event, only a few policy statements were made which...

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Trust Exit Tax: Update due

Ahead of the UK Autumn Budget on Monday, Assistant Trust Manager Migle Virbalaite looks back at the judgement made by the European Court of Justice (CJEU) on the Panayi case and outlines the Exit Tax payment plan proposal. In a judgement of the Panayi case (Case C-646/15) delivered last year, the...

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UK Budget Briefing

A summary of the numerous positives and new opportunities for our clients. LONG-TERM NON-DOMICILED INDIVIDUALS Chancellor George Osborne has delivered on his pre-election promise to review the tax regime for non-domiciled UK residents with effect from 6 April 2017, and indeed some seismic changes have been introduced. However, it is...

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Principal Private Residence Review – the Government’s Response

Under current rules, UK residents disposing of their UK home are able to claim Principal Private Residence Relief (PPR) which in the majority of cases will reduce the capital gain on the disposal of their UK home to nil. Individuals with more than one home can elect which home is...

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Increases in the Remittance Basis User Charge

Chancellor George Osborne also wants to ensure a fair contribution from individuals. As part of this objective he has targeted people who are resident but not domiciled in the UK and who choose to be taxed on the remittance basis. The Remittance Basis User (RBU) Charge was introduced in April...

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