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Where Taxpayers and Advisers Meet

Search found 62 matches

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by Yiannis17
Thu Jun 27, 2019 9:56 am
Forum: International Tax
Topic: Cleansing Income/Capital
Replies: 2
Views: 154

Cleansing Income/Capital

Morning

Once an individual is in the UK, who is UK resident, but Not UK Dom, is it difficult to prove that monies brought in from Europe is capital? I have a chap who has transferred 30K in some time after arriving.

And what would the position be with his tax return?

Thank you
by Yiannis17
Tue Jun 04, 2019 9:36 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Remittance charge, Resident but Non dom
Replies: 7
Views: 185

Re: Remittance charge, Resident but Non dom

Apologies to go on about this one.

If remittance basis is claimed for someone who has only been resident here for two years, do they lose their personal allowance?
by Yiannis17
Mon Jun 03, 2019 2:30 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Remittance charge, Resident but Non dom
Replies: 7
Views: 185

Re: Remittance charge, Resident but Non dom

Thank you.

HMRC have picked up that they had overseas income. Does this need to be declared in the tax return? I was under the impression that they had to be resident 7 out of 9 for this to apply.
by Yiannis17
Mon Jun 03, 2019 1:22 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Remittance charge, Resident but Non dom
Replies: 7
Views: 185

Remittance charge, Resident but Non dom

Hello

I have a situation where someone has been resident in the UK from mid 2016 and preparing tax returns since then. They are also non UK Dom.

Does the remittance charge still apply to them? If they investment income in a European Country which has not been remitted into the UK?

Thank you.
by Yiannis17
Mon Mar 18, 2019 8:15 pm
Forum: Income Tax
Topic: Penalties for self assessment
Replies: 1
Views: 171

Penalties for self assessment

Hi I wanted to confirm the situation regarding HMRC and penalties for the submission of tax returns. If someone files a'voluntary' tax return for previous years not requested by HMRC, my understanding is they not should be given a penalty. Interest yes on any over due tax. I have a situation now whe...
by Yiannis17
Mon Mar 11, 2019 10:27 am
Forum: International Tax
Topic: Non residency
Replies: 1
Views: 209

Non residency

Good morning If someone chooses to become non resident for a complete tax year and live in Australia but happens to be on gardening leave, will the income that she earns during this period be taxable in the UK. The person will not be working abroad at all. Visits to the UK will be minimal to non exi...
by Yiannis17
Tue Feb 19, 2019 6:22 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Solicitors for Flexible Life Interest Trust
Replies: 1
Views: 148

Solicitors for Flexible Life Interest Trust

Dear All

Could someone recommend a firm to deal with the setting up of a Flexible Life Interest Trust. I recently went through a firm, not solicitors, and didn't have a great experience.

Thank you
by Yiannis17
Thu Feb 14, 2019 2:03 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Liechenstein trust and distribution
Replies: 3
Views: 262

Re: Liechenstein trust and distribution

Afternoon

Coming back to my original question, I have established that the distribution of capital (no income) was made to the settlor of the trust. He was also UK resident at the time of this distribution.

My understanding is there will not be tax liability on the distribution?

Thank you
by Yiannis17
Mon Feb 11, 2019 11:52 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Liechenstein trust and distribution
Replies: 3
Views: 262

Re: Liechenstein trust and distribution

Thank you for your response. Much appreciated.

I have just found out that the income was submitted to the UK now to purchase a UK property.
by Yiannis17
Sat Feb 09, 2019 11:49 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Liechenstein trust and distribution
Replies: 3
Views: 262

Liechenstein trust and distribution

Good morning I have a situation where a trust registered in liechenstein has distributed all the funds, a large amount, to the beneficiary who is is non UK domicile but was UK resident for part of 2018/19. This is the difficult point because he is stating that he became Non resident at the time the ...

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