articles: private client tax

Non-dom tax update

Following the end of the tax year on 5 April, many long-term non-doms (broadly speaking, those who have been UK-resident for 15 years) will be completing a tax return on a worldwide basis for the first time. Some points for them to bear in mind.

Make sure you don’t ‘taint’ your protected trust

Following the changes to the taxation of non-UK domiciled individuals from 6 April 2017, certain offshore trusts enjoy protected status. If you have a settlor interested offshore trust (i.e. where you or certain family members can benefit), you need to take care to preserve this protected status – or face potentially significant tax costs.

Are you affected by the 2017 Liechtenstein directive?

A recent directive affecting trustees and trust companies licensed to practice in Liechtenstein has introduced a number of tax compliance measures with respect to establishing new or managing existing legal entities, such as foundations, trusts and establishments. Where these entities involve settlors, beneficiaries or unitholders who are resident for tax purposes in the UK (‘relevant persons’) the trustees are required to adhere to the new regulations.

Are you prepared for the requirement to correct?

The requirement to correct (RTC) legislation is now in force and concerns all taxpayers with overseas income or assets. The purpose of the RTC rules is to encourage taxpayers with overseas interests to ensure that their historical UK tax position is corrected by 30 September 2018. Those who do not do so by that date will be exposed to greatly increased penalties.

Tax awards shortlist

Moore Stephens has been shortlisted in two categories in the prestigious Tolley’s Taxation Awards 2018: Best Private Client Tax Practice and Best Tax Investigation Team.

Tax proposals in the 2017 General Election manifestos

The manifestos issued by the three major parties as part of the General Election campaign set out various proposals for changes to the tax system. Our latest blog contains a detailed comparison of the proposals in tabular form, along with links to each of the Conservative, Labour and Liberal Democrat manifestos.

Changes to the taxation of non UK domiciliaries

Last year the Government unveiled a suite of changes targeted at the taxation of non-domiciled individuals. A consultation document was published last year, alongside very limited draft legislation and last week the Government published a further consultation document, taking account of responses to the original consultation.