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Inheritance Tax United Kingdom

McDermott Will & Emery

UK Labour Party's Statement on Non-Dom Tax Reforms

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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

McDermott Will & Emery

UK Government Announce Abolition of UK Non-Dom Tax Status and Changes to Come for Inheritance Tax

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On 6 March 2024, the UK government announced the planned abolition of the remittance basis of taxation for UK resident non-domiciliaries from 6 April 2025 onwards for foreign income and gains (FIG). This will be replaced with...more

Proskauer - Tax Talks

Change to non-domicile tax regime forms part of UK Spring Budget 2024

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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

International Lawyers Network

Buying and Selling Real Estate in England and Wales (Update)

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

International Lawyers Network

Buying and Selling Real Estate in England and Wales (Updated)

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

Proskauer Rose LLP

UK Tax Round Up - November 2022

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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

International Lawyers Network

Buying and Selling Real Estate in England and Wales (Updated)

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

International Lawyers Network

Buying and Selling Real Estate in England and Wales

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

Freeman Law

International Tax Treaty: The United Kingdom

Freeman Law on

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

Proskauer - Tax Talks

New OTS report recommends changes to UK’s capital gains tax regime

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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

McDermott Will & Emery

Preparing for Tax Rises on the Horizon – Who Will Pay for the UK Government’s COVID-19 Relief Measures?

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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

BCLP

Private Wealth - Horizon Scanning 2020

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With a number of changes affecting the private wealth world to come over the next 12 months, our private client team take a look at some of the key UK legal developments for 2020, including the extension of the UK trust...more

BCLP

HMRC updates its guidance on the taxation of cryptoassets in the UK

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On 20 December 2019 HMRC updated its guidance on the taxation of cryptoassets. In particular, HMRC has now given its view on where the most common form of cryptoasset (being the exchange token) should be treated as located...more

BCLP

US/UK tax series: Estate planning issues for US/UK couples

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If you are a US citizen and your spouse or civil partner is not you need to ensure you have appropriate estate planning in place to avoid your heirs getting an unexpected tax bill following your death. In this guide we...more

McDermott Will & Emery

Lifetime Gifting in the United Kingdom: Opportunities and Clarifications

McDermott Will & Emery on

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

International Lawyers Network

Buying and Selling Real Estate in England, Wales, and North Ireland

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

McDermott Will & Emery

Final Response to Non-Dom Consultation Published - Update

The UK government has released its final response to the further consultation on reforms to the taxation of non-UK domiciliaries (non-doms), together with draft legislation that will take effect from 6 April 2017. As well as...more

McDermott Will & Emery

Final Response to Non-Dom Consultation Published

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The UK government has released its final response to the further consultation on reforms to the taxation of non-UK domiciliaries (non-doms), together with some draft legislation that will take effect from 6 April 2017. As...more

Dechert LLP

Using corporate structures to own UK residential property – a dead end?

Dechert LLP on

Historically, UK resident non-domiciled individuals have been able to achieve certain tax advantages through holding interests in UK residential property through offshore companies. In recent years, the UK government has...more

Proskauer - Tax Talks

Proposed New UK Penalties Regime Precipitated by CRS

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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

McDermott Will & Emery

UK Residential Property Tax Reforms Increase IHT Liabilities

McDermott Will & Emery on

The UK Government has published a consultation document and draft legislation relating to the reforms of UK residential property taxation that are due to take effect from 6 April 2017. The new rules mean that most UK...more

McGuireWoods LLP

Further Changes Announced to the Non-Domiciles Regime

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On 19 August 2016, the UK Government published a new consultation paper together with draft legislation which will affect changes to the non-domiciles (“non-doms”) regime in the UK. The proposals will be legislated...more

Bond Schoeneck & King PLLC

Trust And Estate: Changes To UK Resident Non Dom Income Tax Laws Leads To Need To Establish A Resident Non Dom Income Tax Trust...

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

McGuireWoods LLP

Chancellor Scraps Permanent Non-Dom Status!

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Until now, the UK has been one of the most welcoming jurisdictions in Europe where non-UK-domiciled individuals could live. Today, Chancellor George Osborne announced in his Summer Budget that from April 2017 the rules...more

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