Category: United Kingdom

OECD boss: Coronavirus crash will not be as bad as Great Depression

By now, the whole world is preparing for an impending global recession due to the COVID-19. Different experts are presenting their different views on the matter. While many are expecting a recession that will hit harder than the Great Depression, the secretary-general of the OECD, Angel Gurria does not seem to be sharing the same opinion. Here are more details. ... - Continue reading

Temporary Work Locations in a Permanent Establishment World

The COVID-19 crisis has caused quite some chaos in the world right now. As we find ourselves homebound, there are also employees trapped in foreign countries to them. In such a case, what happens to the link between tax presence and tax residency? Here is brief discussion. ... - Continue reading

Extended tax liabilities for directors in insolvencies linked to tax avoidance

Draft legislation included in the Finance Bill 2019-2020 will potentially make directors and certain other individuals closely connected to a company jointly and severally liable for a company’s tax liabilities that arise from avoidance, evasion or repeated insolvency and non-payment of tax debts or tax-related penalties of the company. ... - Continue reading

US-born British citizen launches crowdfunding campaign to stop FATCA

A US-born British citizen has started a crowdfunding campaign to stop HMRC sharing her personal information with the US Internal Revenue Service (IRS) under the US Foreign Account Tax Compliance Act (FATCA). Law firm Mishcon de Reya has taken on the UK case for a client who alleges HMRC is… – Continue reading

British citizens born in America face having bank accounts frozen

Tens of thousands of British citizens born in the US but only lived there for a few months or years face having their bank accounts frozen as part of a crackdown by the US tax authorities.    The Internal Revenue Service (IRS) is ordering British banks to hand over the… – Continue reading

Tax from non-doms falls by £2bn as wealthy flee the UK

The number of wealthy residents who pay no UK tax on their offshore accounts has fallen to its lowest level ever, Treasury figures reveal. Last year, there were 78,300 non-domiciled taxpayers, or “non-doms”, in the UK compared with 98,500 in 2016-17. And the £9.5bn they paid to the taxman in… – Continue reading

UK: Non-Resident Capital Gains Tax on United Kingdom Real Estate: A New Regime

The legislation encompassing the new regime for taxing non-residents' gains on the United Kingdom (UK) commercial real estate came into effect on 6th April 2019. Her Majesty's Revenue and Customs (HMRC) has additionally published draft guidance on this recently introduced regime. This article briefly summarizes the new rules. ... - Continue reading