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Global Scans · Tax · Weekly Summary


  • [New] Qualifying individuals will not pay tax on FIG arising in the first four tax years after becoming UK tax resident following a period of 10 tax years of non-UK tax residence. Global Compliance News
  • [New] Individuals will not pay UK tax on any foreign income and gains arising in their first four years of tax residence (if non-UK resident for the prior 10 years). Keystone Law
  • [New] All individuals becoming UK resident after at least ten tax years of non-UK residence will be eligible for the special tax regime, regardless of their domicile. CRS
  • [New] A new 'British ISA' will provide an additional £5,000 tax-free allowances, on top of the existing £20,000 annual ISA allowance, for people to invest exclusively in UK companies. Ascot Lloyd
  • [New] After four years, individuals will be subject to UK tax on their worldwide income and gains. KPMG
  • [New] Individuals who are UK resident for four tax years or fewer, and who have not been UK resident for a period of ten years prior to becoming UK resident, may opt to be taxed only on UK income and gains, and will be able to remit overseas income and gains tax free. KPMG
  • [New] Anyone who has been tax resident in the UK for more than 4 years will pay UK tax on any newly arising FIG, as is the case for all other UK residents. Elemental CoSec
  • [New] Normally UK residents will be taxed on the 'arising basis' which means they are liable to pay UK tax on their worldwide income and gains, whenever they arise or accrue. Elemental CoSec
  • [New] UK resident beneficiaries who are not eligible for the FIG regime will be taxed on the arising basis on benefits received from an offshore trust that are matched with trust income or gains. The Law Society
  • Deposits held in Europe are likely to generate between €15bn and €20bn in after-tax profits between now and the end of 2027, depending on the evolution of global interest rates, a senior EU official said. The Guardian
  • If income and gains will in any case be subject to US tax, it may be preferable to choose for it also to be subject to UK tax in the year of receipt. Mishcon de Reya LLP
  • Individuals returning to the UK having spent a period of over 10 UK tax years overseas will be able to benefit from the FIG regime on their return. The Law Society
  • China faces a pivotal moment with a potential MTBE tax threatening isobutane demand, while normal butane sees growth due to new MA production. BNN
  • New tax reliefs and investments will help establish the UK as a world leader in high-growth industries such as the creative sector, advanced manufacturing and life sciences, while 28,000 SMEs will be taken out of VAT registration altogether - encouraging them to invest and grow. GOV.UK
  • Indications are that individuals coming to the UK will be exempt from inheritance tax on non-UK assets for ten years (with a ten-year tail provision for individuals who leave the UK and become non-resident). Moore Kingston Smith
  • Creating Tax Incentives for Battery Storage: NYCEDC will utilize New York City's Industrial Development Agency tax incentives to activate 500 Megawatts of battery storage capacity and support other green economy uses. The official website of the City of New York
  • Companies that use business aviation are expected to operate in full compliance with tax laws and applicable Securities and Exchange Commission rules. NBAA - Washington D.C.
  • While the IRS announced that the tax audits will focus on large corporations and high-net-worth individuals, the NBAA says, Most organizations using business aviation are small or medium-sized businesses. Forbes
  • Anyone who has been tax resident in the UK for more than four years will pay UK tax on their foreign income and gains. Stephenson Smart
  • Transitional provisions mean that for 1 year only, persons who were eligible for the remittance basis but will not be eligible for the new 4-year regime will only be subject to UK tax on 50% of their foreign income (but not foreign capital gains). Mishcon de Reya LLP
  • US oil production dipped back last week, and many US oil producers are fearing that Biden's methane taxes force many US oil producers out of business leading to a sharp decline in US oil production. investing.com
  • New tax reliefs and investments will help establish the UK as a world leader in high-growth industries such as the creative sector, advanced manufacturing and life sciences, while the future of nuclear in Wales has been secured through a deal to acquire the Wylfa site in Anglesey. GOV.UK
  • There will be a period of four years during which short term residents will be exempt from UK tax on foreign income or gains regardless of whether they are remitted to the UK. Mishcon de Reya LLP

Last updated: 25 March 2024



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