Technical Updates

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

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18 July 2017

Offshore Life Insurance Bonds

Offshore life insurance bonds are a popular investment wrapper, usually involving the payment of a single premium which is used to fund an investment portfolio. They are particularly popular among French expats (they are known as “assurance vie”) as they offer tax advantages and more flexible inheritance rules in France.
Non-Dom Personal taxes Technical updates
17 July 2017

Reform of the Non-Dom Regime - July 2017 Update

Note: The government finalised the reform of the non-dom regime, and this was part of the second Finance Act of 2017 which gained Royal Assent on 16 November 2017 - please see our technical update “Reform of the non-dom regime – Summary”.
Non-Dom Technical updates
30 June 2017

VAT Update Issue 2 2017

BLUE CHIP HOTELS LIMITED [2017] BVC 516 Supply of land with no additional services is exempt from VAT provided there is no option to tax to override the position.  Blue Chip Hotels Ltd (BCH) sought to argue that supply of a room in which a wedding ceremony was held fell within the exemption. In reaching its decision the Upper Tribunal considered whether: the customer…
VAT Technical updates
22 June 2017

Annual Tax on Enveloped Dwellings

High value UK residential properties occupied by non-domiciliaries have been acquired within a company structure for a variety of different reasons, often for reasons such as privacy or to manage exposure to UK inheritance tax.  The Government introduced new rules with effect from 1 April 2013 to counter perceived (Stamp Duty Land Tax) avoidance resulting from…
Business taxes Non-Dom Property Technical updates
16 June 2017

Serial Tax Avoidance Regime (‘STAR’)

On 15 September 2016, new rules came into force in relation to ‘serial tax avoiders’. These rules mean that it may be in the best interests of taxpayers who have used (or are using) tax avoidance schemes to declare to HMRC the use of and leave those schemes as quickly as possible. Tax avoidance schemes that count towards serial tax avoidance status are: Schemes…
Compliance Technical updates
07 June 2017

Directors’ Loans - Optional Interim Relief for Small Entities

Small entities fell within the scope of FRS102 for accounting periods commencing on or after 1 January 2016. Under FRS102, a notional interest charge, based on a market rate, had to be calculated and recognised in the profit and loss account where the terms of non-fixed term loan were not at an arm’s length price. The terms of loans from directors are commonly at a non-…
Business taxes Technical updates
08 May 2017

Legal Entity Identifiers

UK investment management firms currently have to comply with a piece of legislation known as The Markets in Financial Instruments Directive (MiFID). Introduced in November 2007, it sought to improve the competitiveness of financial markets within the European Union by creating a single market for investment services and activities, and to ensure a high degree of…
Compliance Technical updates
20 April 2017

UK Tax Data Card 2017/18

Please download the pdf to view the UK Tax Data Card 2017/18.
Tax data card Technical updates
07 April 2017

French Tax Data Card 2017

Please download the pdf to view the French Tax Data Card 2017.
Tax data card Technical updates
31 March 2017

VAT Update Issue 1 2017

U-DRIVE LTD [2017] BVC 510 This case considers the right to input VAT recovery in relation to tripartite arrangements.  It is important to understand in such situations who is the actual recipient of the supply since the right to input VAT deduction is conferred on the recipient and not the person contractually obliged to settle the liability. U-Drive is a vehicle hire…
VAT Technical updates
29 March 2017

Making Tax Digital - March 2017 Update

Note: The government announced significant delays to making tax digital in July 2017. This update should therefore be read in conjunction with our July 2017 update which is available on our website.
Business taxes Compliance Personal taxes Technology VAT Technical updates
15 March 2017

Spring Budget 2017 Update

Note: This update was written on 15 March 2017. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. No action should be taken based on this update without taking proper advice.
Budget update Technical updates