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In this article Jonathan Ivinson, Partner at Hogan & Hartson, casts an eye over the VAT and E-Commerce Directive which came into force earlier this year and assesses its implications. E-commerce has proved a difficult issue for tax policymakers. In the field of direct tax, settled concepts used to identify taxing competence have had to be reconsidered.
Individuals that are UK tax resident and non-UK domiciled currently have a limited window until the end of tax year 2018/19 during which they can reorganize (or ‘cleanse’) their mixed overseas funds into separate accounts, to enable remittances to the UK to be made in a more tax efficient way than might otherwise be the case. Updated guidance on these rules has recently been published by HM Revenue & Customs (HMRC).
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.