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Author Archives: Tom Buchan

About Tom Buchan

Tom is a Tax Manager with US Tax & Financial. He is an Enrolled Agent (EA) and a member of the Association of Taxation Technicians (ATT), with over eight years of experience as a UK tax advisor and five years as a US tax advisor.

Wait, whose side are you on? HMRC tackles offshore evasion

This month, the professional tax community will be writing letters to clients which enclose an HM Revenue & Customs (HMRC) letter about correctly reporting overseas income and capital gains for UK tax. We are obliged by law to send these letters and failure to comply may result in a firm being handed a £3,000 penalty. […]

Reform of Taxation of Non-UK Domiciled Individuals

Last month’s UK general election result did nothing to clarify the uncertainty regarding the proposed tax reforms for non-UK domiciled individuals. The draft legislation, for these reforms, was omitted from Finance Bill 2017, so that the critical revenue-raising measures could pass in time for the general election. The feeling in the tax community was that […]

Revolution or Evolution? – Reform of UK Non-Domiciled Individual Taxation

This month’s Spring Budget surprisingly made no mention of the changes to the UK taxation of non-domiciles, which take effect from 6 April 2017. The changes have been announced for some time, and draft legislation was released at the end of 2016, but details on the new rules are sparse. It can be argued that […]

QROPS and the New Regime

Philip Hammond’s spring Budget announced surprise changes to the UK taxation of Qualifying Recognised Overseas Pension Schemes (QROPS). These pension vehicles have been used by individuals to move pensions around the world, but the UK government considered that the old rules were open to abuse. We have invited Bethell Codrington, Global Head of Pensions at […]

UK Budget 2017 – Spreadsheet Phil Lives Up To His Name

As Philip Hammond took to the despatch box, he could take comfort that the UK economy was the second-fastest growing G7 economy in 2016, and the 2017 growth forecast has been upgraded. However, the growth forecast for the next few years has been downgraded, and with Brexit looming, Mr Hammond delivered a Budget very much […]

An End to HMRC’s ‘Light Touch’ Approach?

HMRC have announced a consultation outlining a new scheme to tackle offshore tax evasion. Named “Requirement to Correct” (RTC), the consultation proposes that taxpayers who have unreported offshore tax liabilities should come forward before 30 September 2018. This date is significant as it coincides with the date when all countries who have committed to the […]

One Last Chance – HMRC Offers a New Tax Disclosure Scheme

The Worldwide Disclosure Facility (WDF) is a new HMRC scheme aimed at encouraging taxpayers to come forward about unreported offshore tax liabilities. Launched on 5 September of this year, WDF is designed for taxpayers who want to disclose UK tax liabilities that wholly or partly relate to offshore income or assets. WDF continues the work […]

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