Under the current remittance basis rules, individuals are liable to tax on the foreign income or capital gains which they remit to the UK, irrespective of the purpose for which those income and gains are used. From 6 April 2012 non doms will be able…
HM Treasury published its report on whether a general anti-avoidance rule ("GAAR") should be introduced into the UK tax system (the "Report"). The Report concluded that a GAAR would benefit the UK tax system, provided it was limited in its scope. It…
UK Residents are subject to UK tax on the profit on disposal of an interest in an offshore fund. As most members will know, the UK tax implications differ according to whether the fund is a reporting fund or a non-reporting fund. If an offshore fund…