Re-basing opportunity for non resident CGT The change is currently proposed to apply to gains accrued on or after April 2019. The intention is to align the UK with other countries and remove an advantage which non-residents have over UK residents by bringing all gains on non-resident disposals of UK property within the scope of […]

Annual Residential Property Tax ATED is a tax payable on high value dwellings. It started on 1 April 2013 and is payable each year. You’ll need to complete an ATED Tax Return for your property if all of the following apply: it’s a dwelling it’s situated in the UK it was valued at more than […]

The UK and the Isle of Man governments have established an automatic information exchange procedure as well as a disclosure facility for UK taxpayers. This is similar to the UK-US agreement which implements the Foreign Account Tax Compliance Act (FATCA). Under the agreement, a wide range of financial information on UK taxpayers with accounts in […]

The US issued regulations finalising implementation terms of the Foreign Account Tax Compliance Act, (‘FATCA’). The legislation is intended to help the IRS fight tax evasion by US persons and is designed to encourage a vast range of non-US financial institutions, including banks and trustees, to implement new client identification requirements. Where US persons are […]

Swiss banks have started writing to their UK account-holders, as required under the UK-Swiss Tax Agreement, which is due to come into force on 1 January 2013. Account-holders are required to notify the bank how they wish to be treated under the Agreement in relation to the historic position, and also future obligations. The default […]

From 1 December 2012 businesses with no business establishment in the UK, but which make taxable supplies to the UK, will need to register for VAT in the UK, regardless of their level of turnover. Prior to this date, businesses had been able to take advantage of a £77,000 per annum threshold. After 1 December […]

From 2013, changes to the rules on child benefit mean that higher or additional rate taxpayers will be liable to a tax charge, This is assessed on household income irrespective of if you are married or not. many thousands of people will need to complete a self assessment tax return for the first time. For […]

The following is an extract from a recent HMRC press release: Around one million letters will be issued during November to families affected by next year’s changes to Child Benefit. The letters explain the new High Income Child Benefit Charge that takes effect from 7 January 2013.  The new charge will apply when a taxpayer’s […]

The Seed EIS offers investors even better tax advantages than the traditional Enterprise Investment Scheme (‘EIS’) and this can help mitigate a substantial part of the risk of early stage investing: 50% income tax relief on investments (regardless of your marginal tax rate); 28% capital gains tax relief on any reinvested gains (for tax year […]

The following is an extract from ICAEW advice that has been issued: HMRC has now published its guidance on the High Income Child Benefit Charge (HICBC). Later this week, HMRC will also start writing to people who it believes will have income in excess of £50,000 in the current tax year and who may therefore be liable […]