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Articles by Neal Lees
The abolition of the non-dom regime: Where are the opportunities?
The chance for greater certainty The chance for greater certainty The most obvious practical benefit of the new reforms is the higher degree of certainty that a regime based on residence brings. Whilst domicile is a long-established concept, some positions could be finely balanced and HMRC have increasingly scrutinised non-domicile status in recent years. These enquiries were often extensive, resulting in a long and expensive process for the client.
Changes to the non-dom policy post Labour's Autumn Budget
A brief summary of the non-dom changes A brief summary of the non-dom changes Currently, non-UK-domiciled individuals who haven't been UK residents for more than 15 out of the past 20 tax years, can opt to be taxed on the remittance basis, which means they are only taxed on their UK-sourced income and gains, plus any foreign income and gains they bring into the UK. This remittance basis will be abolished from 6 April 2025.
How might Labour's changes to the Non-Dom regime impact you?
New tax regime for arrivals New tax regime for arrivals The term 'non-dom' refers to individuals who, despite residing in the UK, have their permanent home or domicile outside of the UK. Currently, non-UK domiciled individuals who haven't been UK residents for more than 15 out of the past 20 tax years, can opt to be taxed on the remittance basis, which means they are only taxed on their UK-sourced income and gains, plus any foreign income and gains they bring into the UK.
Trusts: An efficient and effective estate planning option
Introduction For some, trusts come with negative connotations of being the choice of tax evasion for ‘shady people in sunny places’, however increased transparency means this is not the case. How could you benefit from using a trust? Trusts provide a useful way of managing and protecting assets when life becomes unpredictable. By establishing a trust, you can retain control of assets while benefiting your chosen beneficiaries.
UK General Election 2024: Labour’s personal tax proposals
Income Tax and National Insurance rates/thresholds Capital Gain Tax (CGT) and Private Equity Gains The Labour Party’s Manifesto is silent on Capital Gain Tax (CGT), other than mentioning the treatment of private equity carried interest. This is currently taxed at 28%, but proposals are underway to tax this at the same rates as income tax (i.e. up to 45%).
How is my UK tax residence status determined?
Determining your residence position is important as it can affect your exposure to UK taxation. In this article, we outline the Statutory Residence Test (SRT), and why it is important to correctly determine your residence status. The UK’s Statutory Residence Test The UK’s Statutory Residence Test The Statutory Residence Test (SRT) is used to determine your UK residence status for a tax year. For the purposes of this article, we will use the 2024/25 tax year.
Tax considerations for British students attending US universities
American citizens and Green Card holders living in the UK American citizens and Green Card holders living in the UK As an American citizen or Green Card holder you are already required to report your worldwide income to the IRS on your annual Form 1040 filing. Joining a US university as a student will not change this.
Gift Relief - have you claimed it correctly?
In this article we’ve highlighted the key aspects of Gift Relief and HMRC’s recently announced campaign regarding claims made on 2021/22 tax returns. What is Gift Relief? What is Gift Relief? Gifting an asset is considered as a disposal for Capital Gains Tax (CGT) purposes and so could give rise to a tax liability, even where no proceeds are received. In some circumstances, an individual can claim Gift Relief (also known as holdover relief) and delay the payment of CGT.
Potential Changes To The Taxation Of Inherited Pensions
The proposed changes could have implications for you if you inherit a pension prior to 6 April 2024, or if you have already inherited a pension which still contains funds. Here's what you need to know. The rules currently in place generally prevent a tax charge arising on the withdrawal of funds from a pension where the member has died before they reached 75. The government has recently released a policy paper stating their intention to alter these rules with effect from 6 April 2024.
Potential changes to the taxation of inherited pensions
Read time: 5 minutes Last updated: 31 Jul 2023 The proposed changes could have implications for you if you inherit a pension prior to 6 April 2024, or if you have already inherited a pension which still contains funds. Here’s what you need to know. Current rules Current rules If you inherit a pension from a person who died before reaching the age of 75, in the vast majority cases the funds can be withdrawn as a lump sum without any tax.
case-study-rectifying-an-error-disclosing-foreign-income-and-planning-for-the-future
How Claude’s tax affairs were resolved Understanding the importance of engaging correctly on this matter with HMRC, our Private Client and Tax Investigations experts worked collaboratively to develop the best strategy to disclose the historic omissions to HMRC. In this instance, we recommended HMRC’s Worldwide Disclosure Facility (WDF) to disclose the errors and Claude swiftly instructed them to proceed with the initial WDF notification.
Complexities of exchanging interests in land or properties
Scenario two: Connected parties Broadly speaking, you’re connected to your spouse or civil partner and their relatives, your relatives and their spouses, a company you control, and fellow business partners and their spouse and relatives. If you’re a settlor of a trust, you’re also connected to the trustees of that settlement.
The remittance basis and Business Investment Relief
Bringing funds to the UK Long-term UK residency How does the remittance basis change with long-term UK residency? As an individual claiming the remittance basis, you will be subject to the following annual Remittance Basis Charge (RBC) based on your longevity of UK residence: If you’ve been UK resident for seven of the previous nine tax years, an RBC of £30,000 per annum applies. If you’ve been resident for at least 12 of the previous 14 tax years, the RBC rises to £60,000 per annum.
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