One of the first questions that is asked when someone moves abroad is “what is the difference between domicile and residence?“. Understanding the differences between the two and knowing your resulting obligations is vital for tax purposes, both in the UK and in your country of residence. Making an assumption or about your residency status […]

Originally agreed in 2014 between 47 countries, the Common Reporting Standard (CRS) is a global initiative launched by the OECD that was originally based on FATCA (the US Foreign Account Tax Compliance Act) with the intention of preventing tax evasion through the use of Automatic Exchange of Information Agreements between countries’ tax authorities. Now, over […]

Double tax treaties (also known as double tax agreements) are created between two countries which define the tax rules when it comes to a tax resident of both countries. Double tax treaties can be complex and often will require professional assistance, but they are created to try to ensure that an individual is able to […]

If you have been a tax resident of the UK for some of the tax year, but for the remainder you were considered a UK non-resident you may be able to split the tax year into two parts and therefore only be liable for UK tax in the part you were considered a tax resident […]

The Statutory Residence Test was introduced by HMRC on April 6th 2013 to determine the tax residence status of individuals with connections to the UK. The Statutory Residence Test, while complex, is vital when it comes to understanding your UK tax residence status as being defined as a tax residence of the UK could mean that your […]

Inheritance tax is the tax which is paid on an estate when the owner of that estate dies. Depending on certain criteria, the tax may also be payable on gifts or trusts made during that person’s life. Typically, inheritance tax is paid by the executor using funds from the estate of the deceased. Trustees with assets […]

If you no longer live in the UK, you may still have to file a tax return with the HMRC, even if you are a non-resident. The tax rules for UK residents and non-residents are very different, and one of your first requirements is to determine your tax residency status in the UK. It is […]

Capital Gains Tax is the tax which is due as a result of the financial gain (often referred to as profit) received once an asset is sold or disposed of. The total gain is calculated by subtracting the sale value from the original purchase value. For example, if you are selling a property, the sale […]