TAX UPDATE: Extension of offshore time limits for income, capital gains and inheritance tax assessments
After consultation the decision has been made to increase the tax assessment time limit that HMRC can investigate for non-deliberate offshore non-compliance.
TAX UPDATE: Stamp Duty Tax filing deadline
The time to file a Stamp Duty Land Tax return to HMRC is changing. In our summary, Hannah Roynon-Jones explains the new deadline applied to filing an SDLT return and the current rates.
TAX UPDATE: Corporation Tax: Corporate interest restriction
Effective from April 2017, the UK corporate interest restriction regime represents a more detailed approach to corporate tax deductibility for interest and other financing costs.
TAX UPDATE: Corporation tax: UK property income of non-UK resident companies
From 6 April 2020, non-UK resident companies that carry on a UK property business, or have other UK property income, will be charged Corporation Tax, rather than Income Tax as at present.
This change will be advised by HMRC in writing to all non-resident landlords during summer 2019.
Register of Property Ownership
The UK Government has confirmed its intention to introduce a new public Register of UK Property Ownership.
Deadlines loom for global transparency
Global transparency and exchange of information has been the hot topic for a while in the tax world and with three key milestones in September we have created a calendar of important dates for your diary.
What you need to know about the new Trusts Registration Service
With the aim of providing greater tax transparency going forward, and as part of its ‘Making Tax Digital’ agenda, HMRC has introduced a new online Trusts Registration Service. The requirement to register complies with the Fourth Money Laundering Directive and applies to both onshore and offshore trusts.
Here we take a look at who is affected and offer some examples of how and when a trust should be registered.
UPDATE: UK Non-domicile rules reinstated
Uncertainty arose back in April when a reduced 2017 Finance Bill was announced and the changes to UK non-domicile and inheritance tax rules were put ‘on hold’.
This week it has been confirmed that the policies dropped from the pre-election Finance Bill, including UK non-domicile and inheritance tax rules, will be reintroduced and will be effective from 6 April 2017.
Calculating Inheritance Tax liability
Irrespective of how it is held, all UK residential property will soon be subject to UK inheritance tax charges.
While the events at which UK residential property comes within the scope of IHT are clear, the valuation of the property is not as straightforward. Therefore, calculating the IHT liability on the valuation of a UK residential property now is essential in establishing whether there might be an IHT exposure ahead.
Year-end tax issues
UK tax reforms in relation to non-UK domiciled individuals are fast approaching, here’s a re-cap of the key issues facing individuals and some of the options available to them while the planning window remains open.
