HMRC seek views on closing the “International Tax Gap”

Statistics suggest that the UK tax gap, ie the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid, fell to the lowest rate on record for the 2018/19 tax year @ 4.7%. This is a major achievement for HMRC and reflects investments made in automating many administrative systems to make it as easy as possible for taxpayers to pay the right tax, at the right time. It also reflects their success acting against those who have sought to deliberately evade their Offshore tax obligations. More than £3 bn has been secured by the UK Government since 2010, just from initiatives that focused on Offshore non- compliance.

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Non residents investing in UK property – Stamp Duty Land Tax versus Land and Buildings Transaction Tax

The budget on 3rd March created further differences in tax charges when acquiring land and property, widening the very clear gap between rates of Stamp Duty Land Tax (SDLT) applying in England, compared with Land and Buildings Transaction Tax (LBTT) applying in Scotland.

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BNO status and considering a move from Hong Kong to the UK?

Moving to the UK from Hong Kong ? – British National Overseas (BNO) Status allows for new UK Visa applications, but UK Tax Advice and support should form part of an essential “to do “list..
 

Hundreds of thousands of Hong Kong individuals are expected to emigrate in the next few years, as the Chinese Government continues to restrict long held freedoms in the city, originally provided for under British Colonial rule until 1997. Many are completely disillusioned with the current political climate, Beijing consistently introducing measures that are clearly intended to move further away from democracy and which now include restrictions on freedom of speech.

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Relocating from or to the US? Here are the key tax situations to be aware of

Individuals relocating from, or to the US can face particularly challenging tax situations when compared to other jurisdictions, not least dual reporting requirements and very conflicting approaches to taxing the same sources of income or gains.

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Moving Overseas to Save Tax? This could be more taxing than you think…

After weeks of lockdown, and searching for some much needed escape from COVID news, I came across BBC 2’s latest documentary Inside Monaco: Playground of the Rich”. It allowed for a fascinating insight into this country which has extraordinary wealth, attracting the super rich from across the world.  

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HMRC Nudge Letters for Overseas Income – another batch issued in July 2020

HMRC’s very own “tax gift that just keeps giving”…

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British Expats Beware – HMRC are coming…

Big Brother

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Offshore Assets, income or gains …any undisclosed tax liabilities?  HMRC offer ‘Time To Pay arrangements’ during COVID-19 pandemic

As we have documented in earlier blogs (captured below), ownership details of offshore assets, income and gains have been directly provided to HMRC, via exchange of information agreements with hundreds of overseas countries in the last 2 years. HMRC now have access to unprecedented amounts of information relating to overseas details for UK resident individuals

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COVID-19 – Skilled frontline foreign workers receive temporary tax concession

These are unprecedented times, and we all know the NHS is under enormous pressure. NHS staff in particular are on the front line of this fight against COVID-19, and many have come to the UK from overseas to work or train here, providing us with much needed skills and support across the NHS. I’m sure everyone will have heard Boris Johnston’s heartfelt thank you to the dedicated nurses who took great care of him, both of whom came from overseas. Those same nurses, and indeed the rest of the NHS community, also rely on access to first class and appropriate medical equipment which can only be delivered with the help of skilled engineering expertise and resources.

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Non-UK Resident and worried about extended days in the UK? – HMRC issue welcome concession due to COVID-19

Further to our recent article connected to many individuals being asked to stay longer in the UK,  HMRC have now updated their guidance acknowledging the COVID-19 pandemic may well impact individuals ability to move freely to and from the UK, or require them to remain unexpectedly in the UK.

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