Technical Updates

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15 November 2017

GDPR – Our Approach

This note sets out the initial steps Dixon Wilson is taking to ensure the firm complies with General Data Protection Regulation (GDPR). We expect this note to be updated as it becomes clearer how GDPR should be applied in practice.
Compliance Technology Technical updates
15 November 2017

GDPR – Key Provisions

The new General Data Protection Regulation (GDPR) will be introduced in the UK and the EU on May 25th 2018. The rules replace the Data Protection Act (DPA). The new regulation is intended to provide individuals with greater control over their data now that businesses are collecting more and more personal information. The government has confirmed that the UK’s…
Compliance Technology Technical updates
14 November 2017

Register of Beneficial Ownership of Trusts

As part of a global effort to enhance tax transparency and combat tax evasion, we have seen the introduction of a number of regimes in recent years including the Foreign Account Tax Compliance Act and the Common Reporting Standard.  This effort shows no signs of abating with the European Union’s Fourth Anti-Money Laundering Directive (4AMLD) being the latest piece…
Compliance Trusts & Estates Technical updates
09 November 2017

Business Investment Relief

Business Investment Relief (BIR) was introduced in April 2012 to stimulate overseas investment into the UK. To further encourage investment, changes to the relief were introduced on 6 April 2017 relaxing  certain provisions.  In effect, BIR allows the individual to make a tax-free remittance of their overseas income and gains to the UK, as long as they use the…
Non-Dom Technical updates
09 November 2017

Partnership Taxation

Various types of partnerships may be formed under English partnership law, including general partnerships, limited liability partnerships (“LLP”) and limited partnerships (“LP”). The general concept of partnerships is that they are transparent for UK tax purposes. However, the taxation of partnerships has seen a number of changes over the past few years with the…
Business taxes Personal taxes Technical updates
07 November 2017

Requirement to Correct and the Worldwide Disclosure Facility

Within the original draft Finance Bill 2017 were provisions related to the ‘Requirement to correct certain offshore non-tax compliance’.  Subsequently, these provisions were deleted from that draft Bill due to the snap General Election on 8th June 2017, but they have been reinstated as Schedule 18 in the draft Finance Bill 2017-19, currently at Committee stage in…
Compliance Non-Dom Personal taxes Technical updates
16 October 2017

Reform of the Non-Dom Regime – October 2017

The main package of changes to the taxation of non-doms is still expected to take effect from 6 April 2017. Unless there are any political surprises, these changes will be passed into law in November this year as part of Finance Bill 2017. Further changes tightening tightening up the anti-avoidance rules for non-UK trusts are intended to take effect from 6 April 2018…
Non-Dom Technical updates
17 August 2017

BPR on Furnished Holiday Lets

Many rural landowners looking to diversify their business interests have considered converting property for use as furnished holiday lets. In addition to potentially increasing the property’s yield, particularly if located in a tourist hotspot, there can be valuable tax advantages if the business is sufficiently engaged with the customer experience and goes significantly…
Inheritance tax Property Technical updates
31 July 2017

Making Tax Digital - July 2017 Update

This update concerns the significant changes to the timing of Making Tax Digital (‘MTD’) announced in July 2017. For more detailed background information, please see our MTD March 2016 update which is available on our website. 
Business taxes Personal taxes Technology Technical updates
24 July 2017

Charity Governance Code

On 13 July 2017, an updated version of the Charity Governance Code was published by the Charity Governance Code Steering Group. This replaces the Charity Commission’s previous publication, “The Hallmarks of an Effective Charity”, published in 2008.  The Charity Governance Code can be found at the following address: …
Charity Technical updates
20 July 2017

Cleansing and Rebasing

In July 2017, the government confirmed its intention to introduce major changes to the taxation of ‘non-doms’ with effect from 6 April 2017. The new rules introduce two opportunities: to “cleanse” overseas mixed funds, and to “rebase” assets to their 5 April 2017 market value for capital gains tax purposes. Although the final form of the rules will not be certain until…
Non-Dom Technical updates
18 July 2017

Charities Update - July 2017

Subscription charges are usually standard rated (i.e. subject to VAT at 20%). However, if little or nothing is received in return for the subscription fee, it may be treated as a donation and would be outside the scope of VAT.   Membership subscriptions to charities often include a principal benefit to which all other benefits are supplementary. In such cases the…
Charity Technical updates