For non-domiciled UK-residents claiming the remittance basis of taxation is verycommon to hold foreign investments. These investments can include foreign currency, shares in foreign companies, debtsecurities, art and offshore investment funds. This article focuses on the taxation of offshore investment funds held personally by UK-resident non-domiciled remittance basis users. Offshore Fund Offshore funds are part […]
At some point in their life any parent will have to deal with the tax consequences of passing their main home, or other real estate owned, down to their children. The typical question we get asked by them is how they can avoid an inheritance tax charge on their real estate on death. There are […]
From 1 April 2016 a supplemental 3% stamp duty land tax (SDLT) charge applies to purchases of additional residential dwellings in England and Northern Ireland. The legislation is contained in Sch. 4ZA of Finance Act 2003 (FA 2003). The charge applies to acquisitions made by companies, or non-natural persons, unless the chargeable consideration paid is […]
Many UK taxpayers in the last few months have surprisingly found in their mailbox a letter from HMRC about “Your Overseas Assets, Income or Gains” in which they were informed that HMRC has obtained information from overseas tax authorities about assets held by them in foreign jurisdictions on which they may have a UK tax […]
Business Investment Relief (BIR) is aimed at individuals who are residents but not domiciled or deemed domiciled in the UK who claim the remittance basis of taxation. The relief allows a remittance basis user to invest foreign income and gains in UK companies without triggering a tax charge. The rules governing the relief are found […]
