2008 Changes continued
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Displaying Matches 17 thru 32 of 35 Found. FIRSTBACK NEXTLAST
The 2008 Budget and subsequent Finance Bill announced that the £30,000 remittance tax charge is to be based on overseas unremitted income or gains. This means that anyone subject to this charge will need to nominate overseas income or gains which would be subject to the UK tax charge. This article looks at this in detail based on the current provisions in the Finance Bill....
Although the rate of CGT has now reduced to 18% on investment assets if this is still too high for you, one option is to move overseas and sell as a non UK resident. This area is a minefield and there are lots of tax issues to consider. With something as important as this it's useful to have a handy checklist to ensure you've covered all the key bases. This article highlights the main tax points for you to consider to make sure you can sell up free of UK capital gains tax....
Any non UK domiciliaries faced with the new remittance tax charge will be interested in how the £2,000 de minimis limit operates. This article reviews the provisions of the 2008 Finance Bill and explains how the de minimis limit can be used to save additional UK tax....
There have been a number of tax changes - particularly to non UK domiciliaries that apply from April 2008. As such this article in intended as a summary of how UK residents will be taxed in relation to any offshore trusts or companies that they set up or are beneficiaries/shareholders of....
As is well known Non UK domiciliaries who are taxed on the remittance basis are only taxed to the extent that income or gains are remitted to the UK. Therefore any cases where income or proceeds can be brought into the UK without being classed as a 'remittance' will clearly be advantageous. This article looks at some of these exemptions provided in the 2008 finance bill....
This article continues from our previous article and looks at how anyone planning on selling a company could maximize Entrepreneurs Relief to reduce CGT....
The 2008 Budget announced that the new £30,000 annual tax charge that can apply to some non UK domiciliaries with overseas unremitted income or capital gains won't apply to individuals under the age of 18. This article looks at the opportunities for avoiding this charge by transferring overseas income and assets to children....
The Revenue have confirmed that transfers of overseas income back to the UK to pay for the £30,000 tax charge won't be taxable as remittances by non UK domiciliaries. This article looks at how this will apply in practice and runs through some figures illustrating the effects....
Entrepreneurs relief is a new capital gains tax relief to apply for disposals after 5 April 2008. It was introduced in part due to the uproar from business owners when the CGT rate was reduced to 18%. To smooth the waters the Government announced this new relief that would allow the effective 10% rate of CGT to still be obtained - subject to a whole host of conditions being satisfied. This article looks in detail at how the relief operates for a sale of company shares....
The 2008 budget changed and to a large extent watered down a number of the original provisions to apply non UK domiciliaries after 5 April 2008. This article takes at look at some common Q&A's that people may have regarding the new rules in light of the budget changes....
This charge was first announced in the 2007 Pre Budget Report, however the 2008 Budget has now significantly changed this (along with many of the other original proposals). It's a lot more complex but on the whole much more favourable to non UK domiciliaries. This article takes a look at the impact of the new changes....
This is a list of the key changes that may effect out members as announced in the 2008 Budget. It focuses on the key income tax and CGT changes in particular the amendments to the treatment of non UK domiciliaries after 6 April 2008....
It's well known that claiming non UK domicile has tax benefits - particularly in terms of inheritance tax. However this article looks at the converse position - when claiming UK domicile could actually be advantageous in reducing inheritance tax....
The Revenue issued some 'clarifications' to the draft legislation on the new remittance tax rules to apply from 6 April 2008. This article looks at the impact of the statement on anyone looking to claim the remittance basis of tax from April 2008....
The £30,000 tax charge for using the remittance basis only applies where a non domiciliary is UK resident for at least 7 of the previous 9 tax years. This article looks at how the residence provision works and how this could be used to avoid the £30,000 tax charge....
The capital gains tax draft legislation has introduced changes to the share matching rules to apply from April 2008. These rules are important when calculating your capital gain on share disposals as they determine which acquisitions your disposals are matched with. This article outlines the changes to the rules and includes an example showing the potential impact...
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