Wendy Walton and Gemma Davies review the private client aspects of the draft Finance Bill.
Statutory residence test
The long-awaited statutory residence test draft legislation plus guidance has finally been published. As previously announced the test which will take effect from 6 April 2013 consists of three elements which should be systematically worked through in order to determine whether an individual is UK-resident: the automatic residence test the automatic overseas test and the sufficient ties test.
The draft provisions enable split year treatment for periods of residence and non-residence during a tax year which previously relied on extra statutory concessions. There are also anti-avoidance provisions to stop individuals using the new test for tax avoidance purposes.
The guidance also contains detailed explanations of the various terms used within the test. For example it includes...
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Wendy Walton and Gemma Davies review the private client aspects of the draft Finance Bill.
Statutory residence test
The long-awaited statutory residence test draft legislation plus guidance has finally been published. As previously announced the test which will take effect from 6 April 2013 consists of three elements which should be systematically worked through in order to determine whether an individual is UK-resident: the automatic residence test the automatic overseas test and the sufficient ties test.
The draft provisions enable split year treatment for periods of residence and non-residence during a tax year which previously relied on extra statutory concessions. There are also anti-avoidance provisions to stop individuals using the new test for tax avoidance purposes.
The guidance also contains detailed explanations of the various terms used within the test. For example it includes...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
