This subtopic deals with the income tax, capital gains tax (CGT) and inheritance tax (IHT) implications for emigrating individuals. Fundamental to this is the statutory meaning of UK residence brought into effect by the Finance Act 2013 (FA 2013) with effect from 6 April 2013. Non-tax implications are also addressed.
Practice Note: Residence of individuals Q&As brings together a wide range of Q&As based on real-life situations covering tax and non-tax matters.
For an individual considering leaving the UK, they should give proper consideration to both the tax and non-tax implications of the proposal. The laws and customs of the proposed country may differ, often radically, from those of the UK. It is important that they obtain the best possible information and advice before making a final decision. Practical matters include healthcare, retirement issues and issues relating to property ownership. Intending emigrants also need to consider the repercussions if issues interfere with their intention and actions taken to become UK non-resident which at a later date may need to be reversed by the individual becoming UK resident again.
The
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
HMRC has updated its guidance on how to report Pillar 2 top-up taxes to include information on what to do if a return fails its validation checks....
The Supreme Court has unanimously dismissed the appeal, holding that a court should exercise its discretion under CPR 19.23(1)(a) to disapply a group...
Tax analysis: In Scott Knight v HMRC, the First-tier Tax Tribunal (FTT) declined HMRC’s application to strike out the taxpayer’s appeal against a...
This week’s edition of Private Client highlights includes: (1) Stock v Neal, where the court held that royalties were held as capital, not income,...
CGT—PPR relief for UK residents with overseas dwellings and non-UK residents with UK dwellingsPrincipal private residence relief (PPR relief) exempts part or all of the gain realised on the disposal of an individual’s dwelling-house from capital gains tax (CGT) if the dwelling–house has been their
Private client and private international law—summary of main principlesWhat is private international law?The branch of English law known as private international law (PIL) (or the conflict of laws, in contradistinction to both the ordinary local or domestic law of England and public international
What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a
Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a
0330 161 1234