Tax Planning & The 2013 Statutory Residence Test - 2013 Edition
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The new Statutory Residence Test ("SRT") will apply from April 2013 and aims to provide a comprehensive method of clearly establishing when an individual will (and won't) be UK resident.
Before April 2013 determining your residence status will mainly depend on applying HMRC practice and various court decisions to your own circumstances. The position after April 2013 should therefore be much more clear cut.
Nevertheless, the Statutory Residence rules are not necessarily straightforward to apply. In this guide we provide detailed guidance as to how the new rules will work (based on the proposals to date) and the tax planning opportunities available.
There have been numerous proposals and updates and this guide is based on the latest proposals provided in December 2012.
Some of the key topics covered include:
• How to maximise your days in the UK without being UK resident
• How to take advantage of the specific exemptions provided in the SRT
• Detailed analysis of UK accommodation and its importance under the SRT
• When you can and can't have a UK home
• Avoiding UK ties under the new "Substantial Ties" test
• The impact of overseas homes under the SRT
• How to structure visits back to the UK tax efficiently
• How the new "exceptional days" provisions work
• When you can qualify for the split year basis
• How the split year basis applies to fiscal nomads
• How to avoid being caught by the new "deemed days" provisions
• How to determine your residence in periods before April 2013
• When and how to use the SRT in 2012/2013 and earlier
• And much more...!
About the Author
The Author of Tax Planning & The 2013 Statutory Residence Test - 2013 Edition is our site Editor, Lee Hadnum. Lee is a rarity among tax advisers having both legal and chartered accountant qualifications. After qualifying a prize winner in the Institute of Chartered Accountants exams, he also went on to become a chartered tax adviser (CTA). He worked in Ernst & Youngs Entrepreneurial Services department for a number of years before setting up his own tax planning practice. He is now a full time tax author.
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