HMRC Changes Position on US Pension Lump Sums
HMRC Changes Position on US Pension Lump Sums HMRC have finally published guidance on what they will deem to be ‘lump sum’ payment from a pension scheme for the purposes of Double Taxation Agreements (DTAs) between the UK and other countries. But this guidance includes a sting in the tail for UK residents with US […]
Read moreUK Tax Residence – COVID-19 Activity
The Chancellor of the Exchequer, Rishi Sunak, has written to the chair of the Treasury Select Committee to outline temporary changes to the Statutory Residence Test (SRT) for those coming to the country to work on COVID-19 related activity.
Year-end personal tax planning tips 2018/19
The last day of the 2018-19 UK tax year (5 April 2019) is looming large and for those who seek to be tax efficient, it is time to examine ways of potentially mitigating 2018-19 personal tax liabilities via year-end planning reviews.
Top 10 Expat Tax Tips for Individuals Moving to the UK
The UK tax rules for non-domiciled individuals were thrown into confusion by the proposed reforms to apply from 6 April 2017 not being included in the Finance Act 2017, however, the Government has now confirmed that the Finance Bill due to be published in September 2017 will include the proposed reforms and that they will appl
Summer Budget 2015 – Key Points
With his summer Budget speech of 8 July 2015, Chancellor George Osborne has introduced significant changes to the UK tax system and set out the Conservatives plans to balance the budget by 2020.
Budget Newsflash – Changes to Non-Domiciled Rules
In his 2015 Summer Budget, the Chancellor has announced changes to the rules that determine an individual’s domicile status.
Income Tax Payable on UK Property Income
Income Tax Payable on UK Property Income HM Revenue & Customs (HMRC) continues to ramp up its effort to collect the right amount of tax owed by non-residents. Individuals that are non-residents of the UK and/or who have their “normal place of abode” outside the UK need to register with HMRC as non-resident landlords if they […]
Read moreUS LLCs – change in UK tax treatment
US LLCs: change in UK Tax Treatment The UK Supreme Court has recently issued a final judgement in the long running case of Anson v HMRC (the Swift case), which has been appealed several times but has finally been decided in the taxpayer’s favour. The ruling by the Supreme Court is that Anson is entitled to […]
Read moreDeath of the UK Tax Return for Expats?
Death of the UK Tax Return for Expats? The Chancellor may have indicated recently that “the death of the UK Tax Return” is likely over the coming years but as far as “Expats” are concerned, it seems inconceivable that they will not need to continue filing their annual UK Tax Return. For example, HM Revenue […]
Read moreTop year end UK personal tax planning tips 2014/15
Top Year End UK Personal Tax Planning Tips! With the end of the 2014-15 UK tax year (5 April) looming into view and the UK Budget scheduled for 18 March, it is time to consider various year end UK personal tax planning tips that might make a difference in reducing your tax liabilities. Our top […]
Read moreExpats Need to Review Offshore Bank Accounts
Expats Need to Review Offshore Bank Accounts Many non-domiciled individuals that have come to work in the UK open offshore bank accounts outside the UK to take advantage of rules which exclude earnings from non-UK duties from being taxable in the UK (known as Overseas Workday Relief – OWR) for up to three years providing […]
Read moreChanges to the Taxation of Share Awards for Expats
Changes to the Taxation of Share Awards for Expats The UK’s income tax and National Insurance Contributions (NIC) rules for the treatment of an internationally mobile employee (IME) receiving employment related securities (ERS) share awards will change from 6 April 2015. Income Tax The current rules for the income tax treatment of ERS received by […]
Read moreUK Tax Returns for Expats, Non-Doms and US Citizens
Expats, Non-Doms and US Citizens UK Tax Returns The deadline for filing 2013/14 UK Tax Returns is fast approaching – 31 January 2015 – but there are good reasons for not leaving matters to the last minute, especially if you are an “expat”. Expat individuals such as non-residents and those that are non-domiciled have complex Tax […]
Read moreUK Tax Returns for Non-Residents and Non-Doms
Non-Residents and Non-Doms UK Tax Returns The deadline for filing 2013/14 UK Tax Returns is 31 January 2015, but there are good reasons for not leaving matters to the last minute, especially if you are an “expat”. Expat individuals such as non-residents and those that are non-domiciled have complex Tax Return affairs that could involve gathering […]
Read moreUK Tax Update for Non-Doms
Non-Doms UK Tax Update Non-Dom Status Non-UK domiciliaries (or “non-doms”) that are tax resident in the UK are subject to special and complex UK tax laws, enabling them to file their UK tax returns on the “remittance basis”. Filing on this basis rather than the “arising basis” (reporting world-wide income and gains), could prove beneficial […]
Read moreUK Tax – Focus on Non-Resident Landlords
Non-Resident Landlords UK Tax With much speculation at present that the Government will no longer allow non-residents of the UK to claim the UK Personal Allowance (currently worth £10,000 per individual per UK tax year), it is worth considering the impact this will have on British expats (Non-Resident Landlords) who rent out UK properties. Just […]
Read moreNon-residents – consultation on Personal Allowance
Non-Residents Personal Allowance: Consultation At present, certain non-resident individuals with UK sourced taxable income (such as property rental profit) will benefit from being able to claim the UK Personal Allowance (PA). This is the tax-free amount of income that can be received by an individual before tax starts to be charged. Personal Allowance The current PA […]
Read moreImpact of Budget for Expats
As the dust settles on the 2014 Budget delivered by the Chancellor last week here is a round up of some of the provisions for “expats” such as non residents and non domiciled individuals.
Reviewing Offshore Expat Bank Accounts
Reviewing Offshore Expat Bank Accounts Many non-domiciled individuals that have come to work in the UK open offshore expat bank accounts outside the UK to take advantage of rules which exclude earnings from non-UK duties from being taxable in the UK (known as Overseas Workday Relief – OWR) for up to three years providing they […]
Read moreClampdown on tax evasion for expats in Spain
Clampdown on Tax Evasion for Expats in Spain Expats living in Spain who have undeclared offshore accounts could be targeted by the Spanish government as they clampdown on tax evasion. Hacienda, Spain’s tax authority, is according to reports, investigating any form of foreign investments or overseas pension income and it appears to be working closely […]
Read moreUK – Swiss Tax Changes
UK: Swiss Tax Changes Germany and Switzerland have recently announced an increase to the rate of tax chargeable on undeclared accounts under their double tax agreement, and this change is likely to impact on UK based holders of Swiss bank accounts too. This is because a clause in the UK-Swiss treaty allows for the UK […]
Read moreYear End Tax Planning
With the end of the UK tax year (5 April) looming in to view; it is time to consider various year end tax planning that might make a difference in reducing your tax liabilities. Issues to consider include but are not limited to:
Expatriate Tax Planning News
Expatriate Tax Planning Advice Many individuals with “Not Ordinarily Resident” (NOR) UK tax status, that have come to work in the UK temporarily, open offshore bank accounts outside the UK to take advantage of rules which exclude earnings from non-UK duties from being taxable in the UK providing they are not remitted/brought to the UK. This […]
Read moreHMRC Launches Offshore Tax Unit
HMRC Launches Offshore Tax Unit HM revenue and customs (HMRC) has officially launched their new offshore tax unit targeting those with undeclared offshore income. Chief Secretary to the Treasury Danny Alexander announced in September that there would be an initial deployment of 100 offshore investigators tasked with identifying and pursuing those with undeclared offshore capital […]
Read moreHMRC Targets Foreign Property Owners
HMRC Targets Foreign Property Owners HM Revenue and Customs (HMRC) are targeting taxpayers who have overseas holiday homes and offshore investment properties as part of the ‘HMRC Affluent Team’ initiative. HMRC Affluent Team The ‘HMRC Affluent Team’ was created to target the avoidance and evasion of tax by wealthy individuals and those owning land and property […]
Read moreThe UK Investor Visa
The UK Investor Visa In March 2011 the Government introduced new visa rules as a way of attracting foreign entrepreneurs and investors. They call this the UK Investor Visa. New Rules The new rules enable investors that qualify for the UK investor visa to permanently settle in the UK a great deal faster than under […]
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