Speed Read: The Court of Appeal decision in Gaines-Cooper has confirmed that the HMRC guidance in IR20 is binding on them even if it went beyond the principles stated in the applicable case law. However the taxpayers had to fall strictly within the terms of the guidance. The two limbs for determining whether residence has ceased are separate and the 'full-time employment' limb does not require a severing of ties to the UK. However the 'permanently or indefinitely' limb does. For capital gains tax purposes to rely on the 'full time employment' limb the full-time work must have begun by the beginning of the relevant tax year.
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Speed Read: The Court of Appeal decision in Gaines-Cooper has confirmed that the HMRC guidance in IR20 is binding on them even if it went beyond the principles stated in the applicable case law. However the taxpayers had to fall strictly within the terms of the guidance. The two limbs for determining whether residence has ceased are separate and the 'full-time employment' limb does not require a severing of ties to the UK. However the 'permanently or indefinitely' limb does. For capital gains tax purposes to rely on the 'full time employment' limb the full-time work must have begun by the beginning of the relevant tax year.
For...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
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