UK Statutory Residence Test to take effect April 2013
[There has been an update to the information below. The number of days resident in the UK has changed from 10 days to 15 days. Please refer to our post Update to UK Statutory Residence Test.] The UK government has recently announced that it will legislate the statutory residence test (SRT) to take effect from 5 […]
IRS Announces New Efforts to Help US Citizens Overseas
The deafening cheer heard in our offices this morning was from the new IRS announcement late yesterday to help Non-Resident U.S. Taxpayers. With feedback from expat organizations, the Canadian Prime Minister and firms like ourselves, the IRS is beginning to realize that many overseas resident Americans who have not complied with their US filing requirements […]
Jimmy Carr tax avoidance scheme investigated by HMRC
Newspapers have reported today of the Comedian Jimmy Carr’s involvement in a tax avoidance scheme which allows him to shelter millions each year and pay just 1% income tax. The tax avoidance scheme known as “K2”, marketed by Peak Performance Accountants (PPA) enables income to be routed into a Jersey-based trust which lends the money […]
Defense of Marriage Act held unconstitutional
A federal district court in New York (southern district New York) has held that a portion of the Defense of Marriage Act (DOMA) is unconstitutional. The issue in the case was whether the estate of a decedent would claim the unlimited marital deduction for that portion of the estate passing to a same-sex surviving spouse. […]
Finance Bill 2012 has been published
Remitting Funds to the UK for Business Investment Finance Bill 2012 has been published and includes the proposed legislation on Business Investment Relief for remitted foreign income and gains. The initiative enables UK resident non domiciled persons to remit overseas income and gains to the UK tax-free in respect of certain ‘qualifying investments’ in the […]
Senate announces plan to stop Facebook co-founder from dodging taxes by dropping US citizenship
Facebook co-founder Eduardo Saverin’s renouncement of his US citizenship has caused “outrage” with two US Senators. Senators Chuck Schumer and Bob Casey have introduced the Ex-Patriot Act. In addition to imposing a 30% income tax on future capital gains, it also provides that ex-citizens who gave up their citizenship be refused entry into the US […]