The cap on unlimited income tax reliefs applies from 6 April 2013. It prohibits relief for certain types of losses, which could otherwise be set off against general...
These tables set out: • the charges to income tax in each of the seven categories of income tax • the person who is liable to pay that charge, and • the legislative...
ARCHIVED: This Practice Note has been archived and is not maintained. The incidence of inheritance tax (IHT) depends on the domicile of an individual. An individual may...
At Summer Budget 2015, the government announced wide-ranging reforms to the deemed domicile rules and also to the excluded property rules as they relate to UK residential...
Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support the self-employed. For more detail, see Practice...
The concepts of domicile and residence are used to establish the extent of an individual’s liability to UK taxation. Specifically, domicile determines an individual’s...
For income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances for Private Client. Personal...
This Practice Note explains the rules that apply to distributions made to UK resident and domiciled individuals on or after 6 April 2016. The way in which individuals are...
ARCHIVED: This Practice Note has been archived and is not maintained. The way in which individuals are taxed on distributions was substantially changed in Finance Act...
ARCHIVED: This Practice Note has been archived and is not maintained. The way in which individuals are taxed on distributions was substantially changed in Finance Act...
The UK has a comprehensive code for the taxation of employment income. This Practice Note deals with the basic principles of income tax on employment income and how they...
The concepts of residence and domicile are used to establish the extent of an individual's liability to UK taxation. This Practice Note provides a summary of the UK...
This Practice Note briefly summarises the main UK taxes which may apply to non-UK resident individuals, including income tax, capital gains tax (CGT), inheritance tax...
Before the 2008–09 tax year all UK resident but non-UK domiciled individuals (non-doms) could access the remittance basis of taxation without paying a charge. From 6...
STOP PRESS: Following consultation, amendments have been made to the UK rules taxing offshore receipts in respect of intangible property (ORIP) by The Income Tax (Trading...
From April 2019, the profit fragmentation rules aim to prevent UK-resident individuals, including individual members of a partnership, and UK-resident companies who carry...
The charge to UK income tax applies to the profits of both a UK and overseas property business. A property business is one which generates income from land and includes...
Reliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer may deduct reliefs from total income resulting...
The types of income chargeable to tax as 'savings and investment income' include: • interest, being income chargeable under ITTOIA 2005, ss 369–381 • purchased life...
Produced in partnership with Lisa Spearman of Mercer and Hole and Emma Loveday of Wedlake Bell LLP STOP PRESS: On 9 April 2020, a letter from the Chancellor to the Chair...
STOP PRESS: On 9 April 2020, a letter from the Chancellor to the Chair of the Treasury Select Committee was published, which outlined a proposed temporary change to the...
Once a company has established that it has a trade (for which see Practice Note: What is a trade for tax purposes?), it is required to calculate the profits of its trade...
STOP PRESS: On 9 April 2020, a letter from the Chancellor to the Chair of the Treasury Select Committee was published, which outlined a proposed temporary change to the...
The calculation of income tax liabilities is usually done by a person's tax adviser or by HMRC following submission of a tax return, rather than by a tax lawyer (and are...
Individuals who are resident and domiciled, or deemed domiciled, in the UK are liable to pay UK income tax on their worldwide income and UK capital gains tax (CGT) on...
A remittance of an individual’s income or chargeable gains will occur if Conditions A and B are met (or if one of Conditions C and D are met). Condition A Condition A is...