New residence-based tax regime: FA 2025 fundamentally changed the UK tax regime for individuals formerly known as non-UK doms. The legislation enacting the various changes is extremely complex and given the time pressure for enactment inevitably littered with technical anomalies. Some tweaks have emerged in the L-Day papers published yesterday albeit we are reading from the Parliamentary Statement rather than draft legislation. We understand that:
The inheritance tax spousal election for non-long term UK resident spouses (i.e. those who are not within the scope of worldwide IHT) to benefit from the full spousal exemption where the spouse that has died was a long-term UK resident (thus within the scope of worldwide IHT). The legislation will be amended so the election lapses as intended after ten consecutive years of non-residence.
The Temporary Repatriation Facility was extended to income and gains pools with...
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New residence-based tax regime: FA 2025 fundamentally changed the UK tax regime for individuals formerly known as non-UK doms. The legislation enacting the various changes is extremely complex and given the time pressure for enactment inevitably littered with technical anomalies. Some tweaks have emerged in the L-Day papers published yesterday albeit we are reading from the Parliamentary Statement rather than draft legislation. We understand that:
The inheritance tax spousal election for non-long term UK resident spouses (i.e. those who are not within the scope of worldwide IHT) to benefit from the full spousal exemption where the spouse that has died was a long-term UK resident (thus within the scope of worldwide IHT). The legislation will be amended so the election lapses as intended after ten consecutive years of non-residence.
The Temporary Repatriation Facility was extended to income and gains pools with...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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