The Labour Party has been elected with a promise not to raise taxes on ‘working people’. With a fiscal plan based on increasing tax revenue by over £8.5 billion a year by the end of the parliament (shown below), this leads to questions about where the extra tax will come from, and who is likely […]
An offshore bond is a tax-efficient investment wrapper, set up by a life insurance company that is resident in a jurisdiction with a favourable tax regime, and within which an individual can invest in different types of assets, including equities, fixed interest securities, property and cash deposits. The range of investments available is largely comparable […]
The Chancellor of the Exchequer, in his Budget on 6 March 2024, announced an intention to abolish the concept of domicile (as it applies to tax) and the remittance basis from April 2025. For the latest updates on this topic visit Budget changes for non-doms In addition, it is intended to move to a residence-based […]
With the values of crypto assets receding from the heady heights of 2021, and with some high-profile crypto exchange failures such as FTX and Celsius, some investors will be left with realised or unrealised capital losses. In this article, we set out the tax treatment of these losses for UK resident individuals, along with some […]
Taxpayers have 60 days to report and pay capital gains tax (CGT) when they dispose of UK residential property. Those within self-assessment must also report the property disposal on their self-assessment tax return. The 60-day reporting and paying rules don’t apply to disposals of non-residential property or non-UK property. Capital Gains Tax on UK property […]
An individual’s tax residence status in the UK is determined by the Statutory Residence Test (SRT), the application of which is heavily reliant on the number of days spent in the UK during the tax year (more information regarding the UK Statutory Residence Test is available). A day is generally counted as a ‘UK day’ […]
Many grandparents considering their succession planning options will wish to give financial support to their grandchildren. In this article we discuss some of your options for lifetime gifting, along with their headline tax implications with a particular focus on inheritance tax (IHT). If your grandchildren are under the age of 18, the tax implications of […]
When a marriage or civil partnership breaks down it is likely that tax will not be at the top of the agenda. However, the tax impact should not be underestimated. Advice should be sought early on to ensure that there are no unexpected tax consequences, including those which might arise from recent changes in legislation […]
The Statutory Residence Test (SRT) can provide individuals with welcome certainty in relation to their UK residence status, but it is important not to underestimate the complexity of the rules. Considered at a high level, the UK Statutory Residence Test is relatively straightforward. There are three main parts, which need to be applied in the […]
