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...
The incidence of IHT depends on the domicile of an individual. An individual may be domiciled in the UK under the common law (or private international law) or, for IHT...
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...
In 2011, anti-avoidance legislation in the form of Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) was introduced to tackle arrangements aimed at...
This Practice Note was originally drafted by Simon Goldring and Ben Harle but is now maintained by Lexis®PSL Private Client. The concepts of domicile and residence are...
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ARCHIVED: This Practice Note has been archived and is not maintained.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ARCHIVED: This Practice Note has been archived and is not maintained.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 The UK’s first formal tax residency test for individuals known as the...
There are a number of circumstances during the application of the statutory residence test when it is necessary to determine whether an individual is working sufficient...
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...
Temporary non-residence—statutory anti-avoidance rule The statutory test for non-residence includes a general anti-avoidance rule to counteract tax advantages which might...
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...