Andrew Goldstone and Charlie Sosna (Mishcon de Reya) round up the latest private client news, including: the remittance basis charge consultation; a report on tax incentives for art; Hutchings; and BiGDUG Limited Remuneration Trust (from Guernsey)
On 22 January 2015 the government published its consultation paper proposing that claims for the remittance basis will apply for a minimum of three consecutive years from 6 April 2016 (the consultation closes on 16 April 2015). This represents a significant departure from the current rules under which a remittance basis user can opt in and out of the remittance basis annually.
The radical change outlined in the consultation will affect remittance basis users who pay the RBC. The government...
