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Private client briefing for July 2012

Speed read

The long awaited statutory residence test draft legislation was published on 21 June 2012, providing more details of the new test, which will come into effect on 6 April 2013. The consultation document on the new limitation on qualifying life insurance policies was released on 15 June 2012. The new French government has proposed some tax reforms which could affect UK residents with second homes in France. The US gift tax rates and exemptions are set to change dramatically from 1 January 2013. HMRC has launched a tax return initiative for taxpayers with outstanding tax returns for 2009/10 and earlier.

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