Trustee beneficial ownership reporting obligations: technical guidance issued

19 October 2017

Trustees of most UK and foreign trusts which are liable to pay UK Income Tax (IT), Capital Gains Tax (CGT) or Inheritance Tax (IHT), among others, in any given UK tax year, must now report beneficial ownership details to HMRC in relation to that tax year. This is part of the UK’s response to the […]

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UK tax legislation update: taxation of non-doms

4 October 2017

Over the past couple of years, the Government has placed non-doms on notice of its intention to change the way in which they and their offshore trusts are taxed for UK tax purposes. Now finally all previously trailed provisions have been reintroduced into draft legislation, so here is a brief reminder of the main provisions […]

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Can you disinherit your children if you want to?

20 September 2017

You may recall that, a couple of years ago, the English press was full of reports of the Will case of Ilott v Mitson.  (For some background on the case, see my 2015 and 2017 blogs about it.) The case was of interest to any testator who is considering cutting out children from their Will.  […]

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IHT Residence Nil Rate Band: depending on downsizing?

7 September 2017

HMRC have published new guidance covering the downsizing provisions of the Residence Nil Rate Band (RNRB) (click here for a link to it). This will be of interest to advisers looking for a relatively straightforward introduction to this aspect of the RNRB which may be suitable for forwarding on to clients. Whenever individuals interested in […]

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Guest blog: New rules for non-doms and disclosure for all

24 August 2017

Non-domicile taxation The Government published draft legislation over a year ago changing the basis of taxation for non-domiciled individuals who had been resident in the UK for an extended period. Essentially, the remittance basis of taxation (which allowed income and gains made, and kept, offshore to be free of UK tax) would cease to be […]

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Inheritance Tax planning for business owners is often overlooked

27 July 2017

When it comes to selling up or transferring on a business to the next generation, entrepreneurs and family business owners are usually encouraged to take measures to reduce the level of Capital Gains Tax payable on the disposal of the business. Far fewer entrepreneurs are advised to consider their Inheritance Tax (IHT) planning, though, and […]

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UK beneficial ownership registers: now it’s your turn, trustees

13 July 2017

On 26 June 2017, the UK Government introduced a beneficial ownership register for trusts for the first time, in response to its need to comply with the EU’s 4th Anti-Money Laundering Directive. Which trusts will be affected and what will trustees have to do? The changes, contained in UK Regulations, affect both UK and non-UK […]

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Long term UK resident non-doms to be deemed UK domiciled

3 July 2017

The UK Government has released draft legislation giving effect to its proposal to deem the domicile status of certain UK resident non-doms to be UK domiciled, regardless of their actual domicile. The changes only apply to non-doms who, on or after 6 April 2017, have been tax resident in the UK for 15 out of […]

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Who owns the equity? Investment property ownership when relationships break down

29 June 2017

The thorny issue of a couple’s beneficial interests in a jointly owned property following relationship breakdown has once again been examined by the court, this time relating to a Privy Council decision on appeal from the Bahamian Court of Appeal. The case concerned the relationship between Mr Marr and Mr Collie, who together had jointly […]

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Guest blog: Will we have a UK public register for offshore entities owning UK property?

15 June 2017

The UK may become the first country to introduce a beneficial ownership register for overseas companies and other legal entities owning UK property (of any kind) or who wish to procure UK Government work. According to the Government’s April 2017 ‘Call for Evidence’ publication, the register will be modelled on the existing UK Persons of […]

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