The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Ordinary residence was abolished from 6 April 2013. There are transitional provisions for up to three years for those who are not ordinarily resident in the UK and are adversely affected by the changes. You need to consider this when advising on this subject.
This guidance note considers the application of the ordinary residence to people coming to the UK in the tax years up to 5 April 2013.
The tax rules on UK ordinary residence are explained in the Ordinary residence - years to 5 April 2013 guidance note, and it is recommended that you read that note first. The transitional rules are discussed in the Ordinary residence - transitional rules (2013/14 to 2015/16) guidance note.
The position for those leaving the UK before 6 April 2013 can be found in the Ordinary residence - issues on leaving the UK up to 5 April 2013 guidance note.
You may also find the Residence - issues on coming to the UK up to 5 April 2013 and Domicile guidance notes useful.
If the individual previously lived in the UK, the earlier period(
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
This note offers guidance in respect of the administration of company tax returns. If a company or organisation is subject to corporation tax they will have to complete and file a company tax return for each accounting period. A company or organisation must, in the main, file a return even if they
Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
Expenditure of a capital nature is not allowed as a deduction when calculating trading profits. Expenditure of a revenue nature is allowable, provided there is no specific statutory rule prohibiting a deduction and the expenditure also satisfies the wholly and exclusively test. See the Wholly and
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.