Personal tax: MPs' residence status
Personal tax: MPs' residence status
The new Constitutional Reform and Governance Act 2010 includes provision for treating members of the House of Commons and the House of Lords as 'resident ordinarily resident and domiciled in the UK' for income tax capital gains tax and inheritance tax purposes.
'As a result MPs and Lords will be liable to pay these UK taxes on their worldwide income gains and assets regardless of their actual status in the UK and will be unable to access the remittance basis of taxation ' according to the explanatory notes to the Bill. The deemed status will apply to MPs once they have taken the oath of allegiance 'from the start of the new Parliament in 2010'. It will apply to members of the House of Lords with some exceptions after a three-month transitional...
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Personal tax: MPs' residence status
Personal tax: MPs' residence status
The new Constitutional Reform and Governance Act 2010 includes provision for treating members of the House of Commons and the House of Lords as 'resident ordinarily resident and domiciled in the UK' for income tax capital gains tax and inheritance tax purposes.
'As a result MPs and Lords will be liable to pay these UK taxes on their worldwide income gains and assets regardless of their actual status in the UK and will be unable to access the remittance basis of taxation ' according to the explanatory notes to the Bill. The deemed status will apply to MPs once they have taken the oath of allegiance 'from the start of the new Parliament in 2010'. It will apply to members of the House of Lords with some exceptions after a three-month transitional...
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