Following the UK Government’s 6 March announcement of tax reforms for the current “non-dom” tax regimes, the opposition Labour party has begun to outline how its plans would differ if they win the next UK general election. In...more
As part of the UK’s Spring Budget 2024, the Chancellor of the Exchequer, Jeremy Hunt, has announced the abolition of the remittance basis for income tax and capital gains tax for non-UK domiciled, UK resident individuals (the...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER BRITISH LAW - 1. Introduction - Historically, there has been significant investment by overseas individuals and corporations in real estate in England and Wales and in...more
If probate is needed, the process usually begins soon after a loved one passes away. The probate process can be long, stressful, and expensive. Some family members are able to manage it on their own without an attorney, but...more
Welcome to the November edition of the UK Tax Round Up. This month has seen the new Chancellor deliver his Autumn Statement following from the previous Chancellor’s so-called mini budget in October and the Court of Appeal’s...more
Florida has long been known as a hot-spot for retirees and snowbirds to move for its sunny weather and beautiful beaches. In recent years, however, since the "SALT Deduction Cap" established by the 2017 Tax Cuts and Jobs Act...more
Into the Fire- Let’s play a game of “Guess Who?” Here are the clues: •the legislature has called for an investigation into his mishandling of the crisis brought on by the pandemic, •he has stated that he doesn’t...more
Quick Summary. In the United Kingdom, Her Majesty’s Revenue and Customs (HMRC) is responsible for administering and collecting taxes in the UK. For 2019, HMRC collected $841.19 billion in tax revenue. But it took over 300...more
The Office of Tax Simplification (OTS) has published its first report following its review of certain aspects of the UK’s capital gains tax regime requested by the Chancellor in July this year with the specific purpose of...more
Quick Summary. In 1867, the United Kingdom passed a Parliamentary act establishing what is now known as Canada. Today, Canada, the largest country in the Western Hemisphere, is a federation of ten provinces and three...more
The upcoming federal elections are a reminder that estate plans should be reviewed frequently to make sure the plan carries out your wishes in a tax-efficient manner. You may want to revise your plan depending upon the...more
It is no secret that the Coronavirus (COVID-19) pandemic is having a significant impact on the economy. Chancellor Rishi Sunak recently stated that “it is now very likely that the UK is facing a significant recession at the...more
The Office of Tax Simplification (OTS) recently released a report on simplifying the design of UK inheritance tax (IHT). This article highlights areas where taxpayers might take advantage of existing opportunities to make...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER BRITISH LAW. Introduction - Historically, there has been significant investment by overseas individuals and corporations in real estate in England and Wales and in particular in...more
It’s almost impossible to fully prepare for a spouse’s sudden death, but it helps to keep one’s finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse...more
On 14 December 2017, the Luxembourg Parliament (Chambre des Députés) approved the draft law (n° 7200) on the 2018 budget including certain tax measures (the "Law"). ...more
In rounding out his first 100 days in office, President Trump released an overview of his proposed tax plan. The one page bullet point plan consists of general taxpayer relief for individuals in the form of a simplified tax...more
The new tax law raises the gas tax to increase state revenue, but also includes provisions that are designed to reduce taxes for New Jersey residents. On October 14, New Jersey Governor Chris Christie signed into law...more
Many people will be familiar with the information gathering and reporting requirements the OECD’s Common Reporting Standard (“CRS”) places on financial institutions. The first exchanges of information between tax authorities...more
People immigrate to the United States for many different reasons. Many come here for work reasons and, somewhere along the way, obtain permanent resident status, otherwise known as holding a “green card.” They may work in the...more
The UK tax obligations of an individual depend in large part on the individual’s "domicile" under generally applicable English common law principles. The citizenship of an individual is irrelevant under the UK tax system. The...more
Generally, the first criterion for determining whether an individual is subject to probate or to estate or inheritance tax in a state is the individual’s domicile at the time of his or her death. In an increasingly...more