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Tax Planning for Domiciled and Non-Domiciled Individuals

Tax Planning for Domiciled and Non-Domiciled Individuals

Author: Malcolm Finney
Publisher: Sweet & Maxwell U.K.
ISBN: 9780414026759
Published In: December 2012
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

Tax Planning for Domiciled and Non Domiciled Individuals addresses the major UK tax issues – primarily capital gains, income and inheritance tax – that affect personal tax planning for both the UK and non-UK domiciled individual. The book uses numerous worked practical examples to demonstrate the relevant tax principles in practice. Topics covered include domicile, residence, wills, trusts, double tax agreements and offshore matters.

Keeping you up to date, this title:

• Highlights key principles relevant to domestic tax practice with annual budget and Finance Act updates
• Incorporates Budget 2012
• Covers the key tenets of tax planning: Capital Gains, Income and Inheritance
• Each chapter uses real life scenarios to demonstrate the law in practice
• Discusses the impact of ground breaking decisions on current and future law, eg Stack v Dowden
• Part I Provides an overview of the UK tax system and then examines the issue of domicile and residence
• Part II concentrates on the two major capital taxes, namely capital gains and inheritance
• Part III concentrates on the major topic of trusts, both UK and non-UK resident
• Part IV is topic driven and looks at the tax treatment of common types of investment and the main issues in relation to an individual’s residence
• Part V is devoted exclusively to international tax issues including non-UK resident taxation; accessing offshore monies; the use and role of offshore financial centres; double tax agreements and the EU savings Directive.

Part I - Basic Issues
1. Tax systems and their bases of taxation: an overview
2. UK Taxation: an overview
3. Domicile
4. Residence and ordinary residence
5. Residence, ordinary residence and domicile: practice
6. Income source and asset units
7. The principles and implications of property ownership: joint tenancy and tenancy in common

Part II – Capital Taxes
8. Capitan gains tax
9. Capital losses
10. Inheritance tax: the basics
11. Inheritance tax: exemptions and reliefs
12. Inheritance tax: gifts with reservation
13. Inheritance tax: excluded property
14. Inheritance tax administration

Part III – Trusts
15. Trusts: an overview
16. Inheritance tax: trusts
17. UK resident trusts: income and capital gains taxation
18. Non-UK resident trusts: income and capital gains taxation

Part IV – Investments, main residence and furnished holiday lettings
19. Investments
20. Main residence and furnished holiday lettings
21. Non-UK domiciliaries and UK homes
22. Stamp duty and stamp duty land tax

Part V – The international dimension
23. Non-UK resident taxation
24. The Non-UK domiciled individual, foreign source income and foreign capital gains
25. The offshore dimension
26. International taxation

Part VI – Wills, probate and post-death issues
27. Wills and probate
28. Wills and taxation

Appendices
Appendix 1: Domicile
Appendix 2: Capital gains tax position on disposals pre-April 2008
Appendix 3: Statutory residence test proposals and non-domicile proposals: consultative documents issued in June 2011