How does the abolition of the non-dom regime affect US citizens in the UK?
The 2024 Spring Budget introduced major changes to the taxation of non-UK domiciled individuals. The new Labour government’s...
All of our blog posts are displayed below with the most recent first.
Hidden Impact of Pensions becoming subject to Inheritance Tax
One of the biggest losers in the recent Autumn Budget was the personal pension pot left to the beneficiaries of an estate. But,...
The Return of the Donald
It’s official, Donald Trump will return to office on 20 January when he will, again, be inaugurated as US President.
What are the Main Political Parties’ Election Tax Policies
What are the Main Political Parties’ Election Tax Policies?As we move towards 2024 and closer to the next General Election,...
HMRC Success Against Bernie Ecclestone
HMRC Success Against Bernie Ecclestone : What does this mean for those of us that aren't billionaires?Its been widely publicised...
Stay ahead and protect your business in the face of winding-up petitions
With HMRC under pressure to collect more tax owed, it is moving away from the tolerance shown during the pandemic and back...
Chu-CHUNK!
Some of us remember the first time they scurried along to the dusty stamp office and hesitantly asked a gruff Inland Revenue...
A global minimum tax is on its way
In a recent blog we asked the question - is a global minimum tax for very large multinationals just pie in the sky? The answer...
Why does Amazon’s gigantic tax case win matter to smaller firms?
Amazon has won its fight against an EU judgement forcing it to pay about €250m in back taxes to Luxembourg in a significant blow...
HMRC's "Offshore Income or Gains” Letters
HMRC are currently sending out letters to taxpayers requesting more information on overseas income and gains, which may not have...
Dual In The Crown: Considering UK and Swiss Dual Resident Status
Our Private Client Tax Partner Jamie Favell was recently featured in the ePrivate Client annual feature on Switzerland discussing...
Mixed Fund Cleansing: Action Required
To recap, if you are a non-dom living in the UK, certain tax residency milestones can impact your tax status. A £30,000 charge...
HMRC publishes guidance on cryptoasset investments
HMRC has recently published guidance for UK resident individuals on the potential liability to UK taxes that may arise on receipt...
Update on Tier 1 (Investor) visa program
On Friday 7 December 2018 the UK Government suspended the UK Tier 1 (investor) Visa regime at very short notice. These visas...
UK Investor visa regime suddenly suspended
This article has been superseded by a government U-turn, follow this link for further information.
Sick as a Parrott
Former Rangers players and staff paid through an offshore trust have been told they have weeks to approach HMRC over a...
Playing a Let
Rent-a-room is a tax relief available individuals who let out a room/s in their home whilst occupying the property at the same...
Visa Go Go!
It has been reported in the papers that there has been a sharp rise in applications for the UK’s £2M Tier 1 (Investor) Visa.
EBTs, Contractor Loans and HMRCs Settlement Offer
Freelance workers must declare any tax-avoidance schemes they have used by 30 September or face punitive penalties.
TAP Year-End Tax Tips
Please click here for our 2017/18 year end personal tax planning tips.
Requirement to Correct : Cleaning up any offshore tax issues
Finance (No. 2) Act 2017 introduced new Requirement to Correct (RTC) legislation which is targeted at non-complicance in respect...
TAP Advise on Feel Good Group Private Equity Deal
Russ Cahill our Corporate Tax Partner advised on the recent Feel Good Group / Perwyn private equity deal providing providing tax...
Cryptocurrency, Bitcoins and Tax
The press often includes articles about cryptocurrency and bitcoin's – perhaps discussing their future, fluctuating values and...
No more offshore
We anticipate that the Finance (No.2) Bill will be passed through to Parliament early this Autumn. Much of the Bill is concerned...
Welcome relief?
We have seen various Press articles of late highlighting the plight of those drawing on their pensions, and suffering...
"Stat's Entertainment!" : Creative Industry Tax Relief
HMRC released the latest statistics on the number of productions made in the UK claiming tax relief and the amounts of UK and...
Non-Resident Capital Gains Tax Penalties
Since April 2015, non-UK residents selling a UK residential property have been required to report the disposal to HMRC within 30...
FEU Tax at Edfringe is no joke!
"This blog considers the tax position for foreign entertainers in the UK and the special rules we have, often known as FEU Tax."
Offshore penalties and Tax Evasion
HMRC are continuing to increase the number of tools available to tackle offshore evasion and are taking an increasingly...
White House Reveals Tax Plans
Yesterday President Trump revealed plans to significantly cut the tax rates for both individuals and businesses. There are few...
IHT on UK residential property – look through to the future
Changes to the inheritance tax (‘IHT’) treatment of UK residential property were originally proposed in the Summer Budget 2015,...
(the last) Autumn Statement
The new Chancellor of the Exchequer, Philip Hammond, today delivered his first, and last, Autumn statement.
Exchange Rate Fluctuations for US Persons
Carmen Lee from our US tax team has had a article published in The American magazine, covering the issues faced by US Persons...
HMRC's Worldwide Disclosure Facility (WDF)
(Updated 18th June 2019) HMRC are busy collecting data from over 100 countries and their financial institutions on UK resident...
TAP Advise On Propercorn Private Equity Deal
Russ Cahill our Corporate Tax Partner advised on the recent Propercorn Private Equity Deal providing providing tax due...
It was good to know EU
So as we all now know, in a historic referendum the UK has voted with its feet and decided to leave the EU.
Annual Tax on Enveloped Dwellings
Act now in order to meet this month’s filing deadline We are assisting our clients in making their ATED declarations for the...
Mortgage Interest Relief Restricted for Landlords
The Chancellor confirmed in the Autumn 2015 budget that with effect from 6 April 2017, tax relief on interest relating to...
2016 Budget Summary
Yesterday, George Osborne delivered what we consider to be a positive 2016 Budget.
Autumn Statement 2015
The Chancellor of the Exchequer, George Osborne, delivered his first Autumn statement as the Chancellor of a Conservative...
Let property campaign
HMRC continue to invest in measures to prevent tax avoidance and evasion and are running campaigns to encourage individuals to...
Non-Residents, Non-Doms, UK Property
UK Government “ATED” those tax reliefs The UK and in particular London has enjoyed phenomenal increases in property values in...
EIS Relief – No income, no exemption
The FTT dismissed the tax payer’s appeal against HMRC’s decision not to allow a capital gains tax exemption claimed in respect...
HMRC Target Taxpayers with ‘Badges of Wealth’
HMRC have set up a task force focused on collecting tax from Scottish taxpayers who appear to be living beyond their means. They...
Out of time rebate claims - Higgs v HMRC
A taxpayer wins case to claim a repayment exceeding the 4 year limit Mr Higgs made payments on account for the tax year 2006/07...
Budget 2015: TAP Private Client Update
The Chancellor of the Exchequer, George Osborne, delivered the first Conservative Budget since 1996 today.
Capital Gains Tax for Non-Resident Owners of UK Residential Property
It is widely known that from 6 April 2015 a new capital gains tax (“CGT”) regime will apply to non-resident owners of UK...
Deoffshorisation
Changes in Russian Tax Law to Force Migration to UK The Russian government has passed new tax legislation that will force...
Nowhere to Hide
UK and 51 jurisdictions to share financial account details of resident taxpayers The UK has signed up to a new automatic...
Renewals Basis Runs Out
It may have escaped landlords' attention that, as from 6 April 2013, HM Revenue & Customs have withdrawn the ‘renewals basis’,...
Negative Earnings
It is not unusual for an employee to receive a valuable signing on bonus, often referred to as a ‘golden handshake’ in exchange...
Non-Dom Campaign Reaps Rewards for HMRC
A report in this weekend’s Financial Times highlighted that HMRC have collected £154M following investigations into ‘high-income...
International tax developments
Embracing the global economy In an increasingly global marketplace, governments around the world are focussing on where profits...
Property Taskforce
A new property taskforce has been launched by HMRC to tackle “taxpayers” who are not declaring property income in North West...
I didn’t EXPAT that...
If you are a British Expat or a non-resident UK tax payer you will have no doubt seen the news headlines in recent months:
LDF Update
Liechtenstein and the UK have signed a fourth joint statement updating the Liechtenstein Disclosure Facility (LDF). Our previous...
On Borrowed Time
HMRC have withdrawn an important concession regarding the use of loans in the UK which are backed by non-UK assets.
Off-target
HMRC’s Let property campaign, overseas bank accounts and low effective tax rates HMRC are stepping up their campaign trail to...
Know your options
HMRC are set to make a small but important change to the taxation of share options awarded to internationally mobile employees...
Unstable home? CGT for non-residents update...
It has been interesting to keep abreast of various responses to the proposed capital gains tax charge on non-UK residents over...
Accelerated Payments & Follower Notices
Overview of the proposals Whilst most in the tax profession may have viewed as inevitable from early this year when the...
Exercising options: Expats beware!
HMRC are set to make a small but important change to the taxation of share options awarded to internationally mobile employees...
Accelerated payment of tax
Whilst these changes were announced in the Autumn Statement and subsequent consultation document, it was hoped the proposals...
Budget 2014 – #Makers-Doers-Savers
The Chancellors’ 2014 Budget speech focused on delivering a message of a UK economy growing at a faster rate than any other...
TAP Tax Policy
The 2014 Budget is now less than a week away, and with increasing messages of improvement in the British economy and the General...
Budget Day is coming...
It has been announced by the Treasury that, following The Chancellor’s Budget Statement on Wednesday 19 March, the 2014 Finance...
Net investment income tax
The net investment income tax is a new tax charged at a flat rate of 3.8% which will apply for the first time on Federal income...
Non-doms not deterred
As recently reported in the FT, the levy on non-domiciled individuals raised £178m for the UK exchequer for the 2011-12 tax...
Cayman Get It: HMRC target taxpayers with financial assets on the Island
Following the automatic tax information exchange agreement between the UK and the Cayman Islands, signed on 5 November 2013,...
London Property Market On The Up
It has been reported in today’s press that London now surpasses New York as the leading city for property investment for foreign...
ATTENTION / ACHTUNG / ATENCIÓN / UPPMÄRKSAMHET / Помните / ATTENZIONE / ATENÇÃO !!!!
2012/13 UK TAX RETURNS & LATE FILING PENALTIES This article centres around 2 key questions:
Tax Implications on Redundancy/Termination Pay: foreign service relief
It is always disappointing to hear news of redundancies, but sadly the likes of Reuters and Barclays have announced some fairly...
Autumn Blues
Today saw the Chancellors Autumn Statement, which now seems to fall traditionally in early December!
UK Income Tax Reliefs ‘For the Class of 2013’
If you have recently started a new role with a UK employer following completion of your under graduate, and/or post graduate...
File on time and avoid penalties!
It was reported in today’s FT that HMRC issued 915,000 penalties for late filed 2011/12 Tax Returns. This is likely to have...
Eurobonds; what’s all the fuss about
A national newspaper has this week run a series of articles that highlight the perceived abuse of a tax exemption involving many...
Let Property (Rental Income) HMRC Amnesty
What is it Some readers may be aware of recent press announcements by HMRC in connection with the up and coming buy to-let...
Do your taxes need a health check?
HMRC have launched a tax amnesty for health professionals to disclose undeclared income.
Net investment income tax
The net investment income tax, which applies for the first time from Jan 1 2013, imposes a rate of 3.8 percent to certain net...
Changing Attitudes towards DOMA
In June the Supreme Court heralded the way for change. The Defense of Marriage Act (DOMA) was deemed unconstitutional;...
Finance Act round-up
The Finance Act passed into law as expected on 17 July 2013, and is perhaps best summed up as an anti-avoidance bill. There are...
Partnership Condoc: Breaking up is hard to do
As announced in the 2013 Budget, the Government is consulting on changes to two aspects of the partnership tax rules.
Taxing by citizenship - a much needed break by the IRS?
The IRS has recently introduced the Streamline Voluntary Disclosure programme. This scheme has been offered as something akin to...
Home is Where the Charge is
The Annual Tax on Enveloped Dwellings or “ATED” regime is now upon us, and could end up being a first step towards a so-called...
US citizens and green card holders renouncing citizenship
As reported in the Wall street Journal last week, figures show the number of US citizens renouncing their citizenship is on the...
Non-doms in the spotlight
As recently reported in the FT*, those claiming non-domicile status in the UK may well receive a letter from HMRC gently...
A Gift Horse...
HMRC have again intimated that they are comfortable with the concept of so-called "Discounted Gift Trusts" which can be used as...
Foreign Account Tax Compliance Act (“FATCA”) Update
Draft forms received The IRS has received for public comment, draft versions of three forms which will be required in the...
Filing your Report of Foreign Bank Accounts
Form TD 90-22.1 FBAR This is a reminder that, the deadline for filing the 2012 Report of Foreign Bank Accounts (FBAR) is 28 June...
June 17 - Time for those abroad to file their taxes!
For US citizens and resident aliens residing overseas the due date for tax filing is fast approaching.
Overseas Workdays Relief – HMRC updated guidance
HMRC have issued revised guidance on the Statutory Residence Test and the operation of Overseas Workdays Relief (OWR) in this...
Close companies - loans to participators
Background The headlines are full of new and extended tax reliefs for SMEs and employee owned businesses, but one area that...
Property Sales Campaign
A new disclosure facility has been launched by HMRC, the Property Sales campaign.
Budget 2013: No alarms and no surprises?
There was little in this year’s Budget which had not already been leaked in the press it would seem. However, the devil as always...
Isle of Man to share information with HMRC
Isle of Man / UK Tax Agreement and Disclosure Opportunity As anticipated the Isle of Man (IOM) has signed a tax agreement with...
Can I have my tax back please?
If you believe you have overpaid tax or missed claiming some relief in an earlier year then you should reclaim this from HMRC...
Oh no... I haven’t filed my US tax returns
A guide to coming clean to the IRS and getting up to date with your taxes Fix it, fix it quickly, and don’t do it again. That’s...
Is there Devil in the Detail?
Further to our previous article we now have the full draft legislation which will apply the new Annual Residential Property Tax...
American Taxpayer Relief Act of 2012 signed by President Obama
The largely anticipated “American Taxpayer Relief Act of 2012” was signed in to Law by President Obama on 2 January 2013.
Taxing Problem for High-Value Property
As expected, the Finance Bill released yesterday revealed details of the new Annual Residential Property Tax which is to apply...
Isle of Man to share clients bank information with the UK
A deal has been made with the Isle of Man which will see details of bank accounts held on the Island revealed to HMRC, under the...
Much Ado About Nothing
This year’s Autumn Statement turned out to be particularly non-eventful from a tax perspective.
HMRC turn up the heat
HMRC are busy reminding taxpayers with Swiss accounts that they only have until 1 January to make a full disclosure of their...
JP Morgan EBT - settlement with HMRC draws closer...
As has long been suspected, JP Morgan have been in talks with HMRC to settle their protracted dispute concerning the bank's EBT...
Whistleblower reveals offshore HSBC accounts
According to a report in the Daily Telegraph, HM Revenue and Customs (HMRC), the UK tax authorities, have obtained details of...
Tap in the Press!
Heather considers how the abolition of Extra Statutory Concession C16 (which allowed certain business owners to wind up their...
Avoid late filing and payment penalties
It was well publicised that HMRC expected a windfall of up to £600 million as a result new late filing rules introduced last...
Pension annual allowance charge
The annual allowance rules which took effect from 6 April 2011 lowered the maximum annual amount that an individual can...
A Harsh Climate - HMRC windfall from new penalties
HMRC have announced a massive £600million windfall from individual taxpayers failing to submit their 2010-11 tax returns on...
Reform of UK anti-avoidance rules
It is often said that the UK’s current anti-avoidance rules for “offshore” structures are inconsistent with EU law, and it comes...
Going global
The majority of businesses now have an international context to their operations. This may comprise simply of having suppliers...
A long time coming... changes to IHT for trusts?
In a welcome move, HMRC have entered into a consultation process concerning the inheritance tax (IHT) regime for trusts. This is...
U-Turn on French Wealth Tax
As was widely expected, the change in government in France has led to various changes to the French tax system, not least to the...
Rental fun and (Olympic) games!
So you’ve secured your tenant, renewed your Gas Safety Certificate (I hope!) and organised your alternative accommodation as of...
UK Tax Residence, any clearer?
At present, an individual’s UK tax residence position is based on some limited statutory rules and a wealth of case law,...
Is a single European tax regime inevitable?
Tax authorities across Europe continue to press ahead with the integration of tax regulations. A recent announcement by the EU...
File your old tax returns now to avoid large penalties
HMRC's latest campaign the 'Tax Return Initiative', was launched on 3 July, aimed specifically at higher-rate taxpayers who have...
TAP in the Press!
Heather Miller has been published again in Taxation magazine – Click here to read her double feature on buying and selling a...
SEIS - tax incentives for seed capital
In a welcome move from the Treasury, the Seed Enterprise Investment Scheme (SEIS) came into force on 6 April 2012. In essence,...
Budget 2012 – How does it affect you?
While there were some surprises in the Chancellor’s speech, a lot was widely predicted in advance and the usual story of...
Pensions - Make your fixed protection pension claim by 5 April 2012?
The lifetime allowance is the maximum value a pension fund can be at your nominated retirement date without the excess being...
Budget Day is coming - time to top up your pension?
In the absence of a crystal ball, there is no way of knowing for sure how tax relief will be affected by the upcoming Budget on...
TAP Year End Tax Tips (2011/12)
As the 5th April approaches it is time to review your affairs and explore some of the opportunities available to reduce your UK...
TAP in the Press!
Heather Miller, our new tax consultant, has been published this week in Taxation magazine – click here to read her article on...
2010/11 TAP TAX SURGERIES!
Changes to HMRC’s penalty regime mean that taxpayers who submit their 2010/11 Tax Return late, face far heftier fines than ever...
Autumn Statement - New "Seed Enterprise Investment Scheme" (SEIS)
Inevitably, the main focus of the Chancellor's Autumn Statement was the state of the UK's finances and the outlook for future...
Pensions - Don't waste unused tax relief!
Contribute more than £50,000 to your pension in 2011/12 AND get higher rate tax relief As of 6th April 2011, the government...
It's Tax Return time, again...
2010/11 Self Assessment Tax Return Filing The economic climate of recent years and austerity measures introduced by the...
EIS - EC Approval set to boost UK business and entrepreneurship!
Generous enhancements to the Enterprise Investment Scheme (EIS) were announced in this year’s Budget, however they were subject...
HMRC's Tax Catch Up Plan – Make your disclosure by 6th January 2012!
HMRC have launched their second tax amnesty of 2011, this time focusing on the undeclared taxes of tutors and coaches.
Swiss tax agreement announced
Swiss tax agreement announced The long-awaited agreement with Switzerland over bank accounts held by UK taxpayers has now been...
Business Structuring
TAP INTO TAX Iss. 3 The purpose of this series of blogs is to highlight innovative tax planning ideas, which you can ‘TAP’ into;...
E-marketplace trading (or not...)
HMRC have recently announced they will be focusing a new disclosure opportunity at people who use e-marketplaces such as eBay to...
Meat on the bones
Treasury reports on Non-Dom consultation Further to the Chancellor’s comments in his March Budget, the Treasury has released its...
Crystal clear?
Treasury releases details of new Statutory Residence Test We now have a first look at the long-awaited statutory test for...
Tax breaks for ex-pats working in the UK
TAP INTO TAX Iss. 2 The purpose of this series of blogs is to highlight innovative tax planning ideas, which you can ‘TAP’ into;...
University Fees Planning
TAP INTO TAX Iss. 1 The purpose of this series of blogs is to highlight innovative tax planning ideas, which you can ‘TAP’ into;...
HMRC 'Tax Dodge Task Force'
HMRC has announced the launch of new task forces to tackle ‘tax dodgers’ (their words not ours!). This announcement comes a...
HMRC Clampdown on Swiss Bank Accounts
As part of their ongoing efforts to tackle tax evasion, HMRC have announced a new strategy targeting individuals with Swiss bank...
French Tax Reforms
Trouble ahead for non-residents owning property in France? The Sarkozy government in France has announced various tax reforms...
Taxpayers Encouraged by HMRC to File Tax Returns On Time...
To mark the start of a new tax year HMRC have presented taxpayers with a new incentive to file their tax returns on time! New...
Non-residence and "Full-time" employment overseas
HMRC show their hand... It has been reported that HMRC have outlined proposals regarding their view on the meaning of...
Budget 2011 - style but no substance?
Many readers will have taken a keen interest in the Chancellor’s much vaunted “Budget for Growth” on 23 March. From a tax...
New Tax Amnesty - Not just for plumbers!
HM Revenue & Customs (HMRC) have announced a new tax disclosure facility, the Plumbers Tax Safe Plan (PTSP).
