Budget 2017 – highlights and (more) lowlights!

Here is a summary of all the Budget 2017 proposals affecting mainly small and mediums sized businesses and private clients: Corporation tax: Offshore property developers: all profits arising on or after 8 March 2017 from trading in and developing land in the UK will be taxed in the UK. Substantial Shareholding Exemption:   new rules will […]

Annual Tax on Enveloped Dwellings (ATED)

ATED is a tax (s.94 Finance Act 2013) charged on ‘non-natural persons’ (a company, a partnership with a company member, or a collective investment scheme) that hold an interest in one or more UK residential dwelling(s) known as (a ‘single-dwelling interest’) and where that single dwelling interest is worth a certain value threshold as follows: […]

Taxation – Non-domiciled UK residents

Unlike some other tax jurisdictions, residence, ordinary residence and domicile status assume considerable significance when it comes to an individual’s liability to UK tax. UK residents not domiciled in the UK (‘non-doms’ for short) are treated to some special rules on their overseas income and gains. Whilst the Finance Act 2008 (FA 2008) fundamentally changed […]