Holdover Relief on Gifts

Section 165 of TCGA 1992 refers to a provision of the tax legislation that allows individualsor trustees to defer the payment of capital gains tax when gifting certain assets to anotherperson. The relief granted by section 165 is called Holdover Relief. The relief is specifically designed to facilitate the transfer of assets without imposing animmediate […]

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Understanding the Worldwide Disclosure Facility

The Worldwide Disclosure Facility is a digital service that allows taxpayers to disclose discrepancies in offshore monetary gains, investments, or assets with HMRC. The updated disclosure agreement program differs from previous offers, so taxpayers should understand the terms before notifying and disclosing to avoid unnecessary penalties.  The Purpose of the Worldwide Disclosure Facility: Increasing Tax […]

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Investments in offshore funds and the remittance basis

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 […]

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The Residence Nil Band

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 […]

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SDLT: supplemental 3% charge on additional residential property purchased by individuals

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 […]

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