Residence, Domicile Brexit and UK Taxation by Jonathan Schwarz

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Jonathan Schwarz, Barrister, Temple Tax Chambers. Visiting Professor King’s College London. The slender majority referendum vote in favour of the UK leaving the EU has raised questions of tax residence and domicile in a dramatic way. If the UK proceeds to give notice under TFEU Article 50, British citizens resident in other EU Member States and other EU nationals resident …

Settlor-interested trusts – Another ‘downside’ for settlors.

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There are various,  potentially adverse, tax implications where an individual settles cash or other assets on trust but is capable of benefitting from the trust. Various anti-avoidance rules exist for income tax, capital gains tax and inheritance tax purposes, which can give rise to unforeseen tax problems for the unwary. For example: • The ‘settlements’ provisions treat trust income as …

Ownership and tax issues – HMRC guidance on constructive and resulting trusts

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It is straightforward in most cases to establish an individual’s income entitlement for tax purposes. However, there are exceptions. HM Revenue andCustoms (HMRC) recently issued new guidance in its Trusts Settlements and Estates manual on the concepts of ‘resulting trust’ and ‘constructive trust’ for income tax purposes. These are ‘implied trusts’, which are created by operation of law, as opposed …

Home Sweet Home

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Home Sweet Home Mark McLaughlin highlights a potential stumbling block for taxpayers seeking to claim capital gains tax relief on the disposal of a residence. The fundamental requirement for an individual to claim capital gains tax relief on the disposal of a dwelling house (or an interest in it) is that all or part of the dwelling has been the …

Jointly Held Property

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An article by Mark McLaughlin The tax legislation includes specific rules on income from assets held jointly by spouses (or civil partners) who live together. The rules provide a potential tax planning opportunity for spouses who are liable to income tax at different rates. The broad effect of the legislation (in ITA 2007, s 836) is that income from jointly …