Blog
What is your duty to co-operate with your regulator?
Zoe Beels
7 January 2016
£1m Nil Rate Band – fact or fiction?
In 2007, the Conservative Party made much of a party pledge in its manifesto to increase the Nil Rate Band for inheritance tax to £1m. In July 2015, having been elected to form a majority government they announced the introduction of a Residence Nil Rate Band (RNRB). Now that more of the detail has emerged in relation to this policy announcement, the reality does not match the expectations of many and some of the details are still unclear.
30 October 2015
HMRC offers loan collateral amnesty for non-doms
In our blog Neither a borrower (with foreign income or gains used as collateral) nor a lender be… published on 3 September 2014, we reported on HMRC’s withdrawal of its concession with respect to foreign income and gains used as security for loans used in the UK by UK resident non-UK domiciled individuals (‘non-doms’) claiming the remittance basis. Consequently, using foreign income or gains as security for a loan used in the UK is treated as a taxable remittance. Following discussions with representative bodies, HMRC has announced that it will not apply this change to arrangements where the loan was brought into or used in the UK before 4 August 2014.
28 September 2015
Everything you need to know about recent changes to the UK residential property tax regime
Over the past few years there have been significant changes to the taxation of UK residential property. To those not significantly in the know, navigating through the changes can be complex and difficult so we have provided an outline of the changes and the rules as at September 2015. In particular, we explain those changes that affect the non-UK domiciled purchaser of UK residential property.
9 July 2015
Budget 2015 at a glance – key changes for non-UK domiciled and private individuals
Chancellor George Osborne delivered his post-election Budget statement to Parliament on 8 July 2015. Some of the main changes for individuals are outlined below. Clients who may be affected by any of these changes should take tax advice as soon as possible.
9 April 2015
Bringing non-UK domiciled individuals’ tax contributions into perspective
Ed Miliband has promised to end non-UK domicile tax status if he wins the general election. Mr Miliband said he plans to bring in this change to ensure that everyone who makes Britain their permanent home pays their fair share. The Conservatives have responded by saying they would reform the law on domicile so that an individual would no longer inherit their domicile from their father. This blog looks briefly at the contribution made by non-UK domiciled individuals to the UK and the law on domicile in England and Wales.
