Technical Updates

Technical updates

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In-depth analysis of the issues facing our private clients, entrepreneurs and their businesses.

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Individuals Moving to the UK

In this article we consider taxation issues which may need to be considered by persons coming to the UK and some of the steps which can be taken ahead of and / or shortly after becoming UK resident.
Technical updates

Spring Budget 2024

The Chancellor delivered his final Budget before the General Election which will take place later this year. He announced two headline changes, a further reduction in employee and self-employed national insurance contributions and the abolition of the regime for non-domiciled individuals. In addition, there were a number of other changes, notably in relation to the taxation of…
Budget update Compliance Personal taxes Technical updates

The Spring Budget 2024 – abolishment of the non-domiciled regime

The chancellor announced the Spring Budget on 6 March 2024.  The remittance basis, forming part of the UK’s tax system for over 200 years, will be abolished from 6 April 2025, as will the determination of the scope of a person’s chargeability to UK Inheritance Tax (IHT) based on domicile. The remittance basis will be replaced with a new regime titled the “FIG regime”.…
Budget update Non-Dom Personal taxes Technical updates

UK Tax Data Card 2024/25

Please click the download PDF button to view the UK Tax Data Card 2024/25.
Tax data card Technical updates

Substantial Shareholding Exemption

The substantial shareholding exemption (SSE) rules broadly exempt from Corporation Tax the capital gain or capital loss arising on the disposal of certain shares. The conditions include that the shares are ordinary share capital in a trading company or the holding company of a trading group or subgroup where a number of requirements are met by the investing company and by the…
Technical updates

Autumn Statement November 2023

The Chancellor has presented his Autumn Statement, which seeks to address inflationary pressures, the tax burden, and the need for economic growth in the UK. The Statement focused on spending plans and incentives to promote business, with a number of tax and benefit measures which are summarised below.
Technical updates

Spring Budget 2023

The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget. With the UK now projected to avoid a recession, the Chancellor focused on delivering the Government’s growth plans. As expected, there were no changes to headline tax rates or allowances but there were targeted measures on childcare and pensions to attract people back to work. PERSONAL TAXES AND BENEFITS…
Technical updates

Changes to the corporation tax regime and associated companies

BACKGROUND In October 2022, the government announced changes to the Corporation Tax rate from 1 April 2023, increasing the main rate of Corporation Tax to 25%. In addition, the standard small profits rate is reintroduced to ensure that companies with small profits pay corporation tax at a lower rate. In determining the rate of corporation tax for a company, its augmented profits…
Technical updates

Autumn Statement November 2022

The Chancellor has presented his Autumn Statement which addresses the significant economic challenges faced by the UK and the rest of the world, coming after the increase in government debt following the COVID-19 pandemic. The Statement focused on spending plans, but there are a number of tax and benefit measures which are set out below.
Technical updates

International Private Client UK Tax Card 2022

Please click the download PDF button to view our latest UK Tax Data Card. There is also a version of the tax data card which should be easier to read on a mobile device here. This UK Tax Data Card outlines key UK tax considerations for…
Non-Dom Tax data card Technical updates

Statutory Residence Test

Since 6 April 2013, an individual’s residence status in the in the United Kingdom for each tax year has been determined by the The Statutory Residence Test (“SRT”). The objective of the SRT is to alleviate uncertainty surrounding an individual’s tax residency. Extensive guidance and examples as to how the rules operate have been published by HM Revenue & Customs. The test…
Non-Dom Personal taxes Technical updates

Spring Statement 2022

The Chancellor presented his spring statement on 23 March 2022. The statement was overshadowed by increasing inflation which is being described as the “cost of living crisis”. There were limited changes to business taxation and some changes to NICs intended to mitigate the effect of the Social Care Levy (which comes into effect on 6 April 2022) on lower earners. EMPLOYMENT ALLOWANCE…
Technical updates