The following Trusts and Inheritance Tax guidance note Produced by Tolley in association with Richard Frimston at Russell-Cooke Solicitors provides comprehensive and up to date tax information covering:
The fact that different states may use common law domicile, deemed domicile, applicable law, civil law domicile, tax residence, habitual residence, nationality or situs of either the donor (or the deceased) on the one hand or the donee (or heir or beneficiary) on the other, means that some assets are not taxed at all, while some assets are taxed twice or multiple times.
The UK taxes UK assets and the worldwide assets of someone dying domiciled or deemed domiciled in the UK
Ireland taxes Irish situs assets and the worldwide assets of someone dying Irish resident or ordinarily resident because they die within three years of being resident in Ireland and the worldwide assets received by an Irish resident beneficiary or a beneficiary ordinarily resident in Ireland because they have been resident within three years. (Non-domiciles must be resident for five years in Ireland before they
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The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
Class 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met before Class 1A NIC is
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