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Changes to treatment of offshore developers and dealers in UK land

Speed read

In Budget 2016 HMRC announced the introduction of rules intended to ensure that profits from a trade which involves either dealing in or developing UK land are always chargeable to UK corporation tax or income tax. For HMRC to achieve this such overseas traders must be unable to claim relief under a double tax treaty. At the same time as announcing the changes to the domestic legislation the UK’s treaties with Jersey Guernsey and the Isle of Man have been amended to ensure that the UK has the relevant taxing rights over its own land. The details of the legislation are awaited at report stage of Finance Bill 2016. Specific anti-avoidance rules will be introduced to prevent the new charge being avoided in the interim including steps to capture historic increases in value. The latest changes place severe pressure onto structures which seek to shield...

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