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The Liberal Democrats have tabled an amendment to the Finance Bill for a comprehensive statutory tax residence test. The Chartered Institute of Taxation (CIOT) has been calling for a comprehensive statutory residence test for some time as a way of bringing certainty into the current residence situation, particularly in the light of recent cases. The CIOT intends to discuss this issue with other relevant professional bodies in order to develop a consensual view on the appropriate test to adopt which does not adversely affect yield. It is likely that any sensible comprehensive test will take some time to devise but the CIOT believes that it would be possible to achieve a statutory residence test in next year's Finance Bill. John Barnett, Chairman of the CIOT's Capital Gains Tax & Investment Income Sub-Committee, says: “We welcome the Liberal Democrats’ contribution to this debate as it is a very important issue that needs to be discussed. While the Government has stated that it does not wish to make any more changes to the non-domicile rules, the CIOT feels that a statutory residence test would bring certainty to this complex area. If done with sufficient consultation it need not result in unexpected or adverse consequences. And it will be popular with the business community because it will avoid the current ambiguities that are not helpful either to HM Revenue & Customs or to taxpayers.” |
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Tuesday, 27 May 2008 | 892 Hits |
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