Technical Updates

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

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12 December 2017

Cleansing and Rebasing

The latest reforms to the UK tax regime for foreign domiciliaries (“non-doms”) came into effect as expected on 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. Now that the second Finance Bill of 2017 has received Royal Assent, the rules…
Non-Dom Technical updates
12 December 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
04 December 2017

Quarterly Tax by Instalments Update

For the largest companies (‘very large companies’), the tax instalment payment due dates will be 4 months earlier for accounting periods commencing on or after 1 April 2019.  This was first announced in the Summer Budget 2015 to have effect from 1 April 2017, but was later postponed. Under the new rules, quarterly tax payments will be due in months 3, 6, 9, 12, rather…
Business taxes Technical updates
24 November 2017

UK Tax Data Card 2018/19

Please click the download PDF button to view the UK Tax Data Card 2018/19. There is also a version of the tax data card which should be easier to read on a mobile device here.
Tax data card Technical updates
23 November 2017

Autumn 2017 Budget Update

The Autumn Budget 2017 was the first Autumn Budget in almost 20 years, and was the first in the new annual tax policymaking cycle. The aim of moving the Budget from the spring to the autumn is to provide greater tax certainty by consulting on any proposed changes further in advance and amending tax legislation less frequently. In accordance with these objectives, this…
Budget update 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
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
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