Recent developments affecting the taxation of private clients include: the government has announced that it will not restrict tax relief for charitable donations; further details have been published of the changes in the taxation of residential properties held by certain ‘non-natural’ persons; the GAAR consultation has been launched; guidance has been issued for the new non-dom investment relief; STEP has submitted a paper in respect of FATCA and the implications on UK resident trusts; professional bodies are disappointed with HMRC’s published guidance and business entity tests that have done little to clear up the existing confusion surrounding IR35.
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