British expats living in Europe could be hit with higher rates of capital gains tax (CGT) on their homes if Britain decides to leave the European Union on Thursday, international IFA firm Blevins Franks has warned.
The Indian government is set to impose a capital gains tax (CGT) on investments coming from Mauritius in bid to tackle tax evasion.
HM Revenue & Customs (HMRC) has collected more than £150m ($213m, €188m) following a crackdown on unpaid capital gains tax (CGT) over the past 12 months.
Reforms announced by chancellor George Osborne earlier this month could mean that non-UK domiciles are thousands of pounds better off if they hold onto their overseas assets until after they change their status, Rachael Griffin, the financial planning expert at Old Mutual Wealth, has said.
The UK’s double tax agreements (DTA) with Guernsey, Jersey, and the Isle of Man have been amended so that non-UK resident property developers will no longer be able to avoid paying income or corporation tax in the UK.
Members of International Adviser’s Tax & Technical Panel give their views and insights on chancellor George Osborne’s latest budget announcement.
Chancellor George Osborne stood before the House of Commons and delivered yet another budget on Wednesday. Among the usual pithy remarks, the chancellor outlined another set of changes to the UK’s finances.
The Korean government intends to temporarily waive a 15.4% capital gains tax on overseas equities funds, according to a Cerulli report.
Non-UK residents disposing of UK residential properties will no longer face potential double charges that occur in some circumstances, Osborne announced in his joint Autumn Statement and Spending Review on Wednesday.
Plans that would effectively end the UK’s non-domicile status for tax purposes have the potential to do more harm than good and could be contrary to EU law, according to the Institute of Chartered Accountants.
As of 6 April 2015, non-UK residents will no longer benefit from attractive tax advantages when they invest in the UK residential property market.
Changing legislation and rising charges will mean that non-doms cannot rest on their laurels following the election of a majority Conservative government in the UK general election last week, warns law firm Stephenson Harwood.
