Isle of Man Disclosure Facility
Further to our blog post at the end of last year, the information exchange agreement between the UK government and the government of the Isle of Man is expected to take effect beginning in January 2014. In line with the exchange of information agreement, a special disclosure opportunity for UK taxpayers will also be available […]
High Income Child Benefit Charge
With effect from 7 January 2013, HMRC introduced the “child benefit charge” for taxpayers with income over £50,000. Many recipients of the child benefit would have received letters around November 2012 informing them of the new charge. HMRC have advised that those affected will need to either: a) Elect to stop receiving child benefit from […]
IRS Scammers!
Phishing is a scam which attempts to trick you into revealing your personal and financial information which can then be used to commit identity theft or steal your money. The IRS receives thousands of reports each year from taxpayers who receive e-mails claiming to be from the IRS. Scammers use the IRS name or logo […]
Taxation of High Value Residential Property
The Finance Bill 2013 was published just before Christmas containing legislation to give effect to the new tax charge for high value UK residential properties owned by Non Natural Persons (NNP’s). We summarised in our previous blog the key changes in respect of the Annual Property Charge (ARPT), Stamp Duty Land Tax (SDLT) and the […]
FATCA Flashes Forward
Enacted in 2010, the Foreign Account Tax Compliance Act (“FATCA”) requires foreign financial institutions (“FFIs”) to report information to IRS on their US accounts and to withhold and pay tax on various US source payments. FATCA also imposes substantial rules on Non-FFIs (NFFIs). In our blog, we have posted several updates (links listed below) on […]
Taxation of High Value Residential Property
The UK Finance Bill 2013 was published just before Christmas containing legislation to give effect to the new tax charge for high value UK residential properties owned by Non Natural Persons (NNP’s). We summarised in our previous blog the key changes in respect of the Annual Property Charge (ARPT), Stamp Duty Land Tax (SDLT) and […]
Gift and Estate Tax exemption to rise
As some of you may know, Congress has now set the Estate/Gift Tax lifetime exemption, which was scheduled to be reduced to $1 million on January 1st of this year. However, Congressional action has now resulted in the exemption being set at $5 million. This amount will be adjusted for inflation. For 2013 the exemption […]