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The New Statutory Residence Test for Individuals

The New Statutory Residence Test for Individuals A Practical Guide

Author: Malcolm Finney
Publisher: Sweet & Maxwell U.K._
ISBN: 9780414030954
Published In: September 2013
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

This book provides tax practitioners of all levels with a comprehensive consideration of the new Statutory Residence Test, its application and the potential difficulties that may be encountered in moving through the transitional phase.

Effective 6 April 2013 a complete new set of rules apply to determine the residence status of an individual for income tax and capital gains tax purposes (and also with respect to inheritance tax and corporation tax where relevant).

The elusive concept of “ordinary residence” is abolished, effective 6 April 2013.

These new rules (unlike those which applied pre 6 April 2013 the “old rules”) are statutory in nature and contained in the Finance Act 2013.

The Statutory Residence Test: A Practical Guide:

• Provides comprehensive consideration of the new Statutory Residence Test
• Sets out how the changes are going to affect the landscape in determining the status of those subject to the old definition of residence in the UK
• Offers in depth analysis of the new rules including their practical application and the difficulties encountered in doing so
• Shows how the new regime will affect tax management relating not only to income tax, but also capital gains tax, inheritance tax and corporation tax
• Examines key concepts such as days spent in the UK, home, work, location of work; full-time work; UK ties; family tie; accommodation tie; 90-day tie; and country tie are discussed
• Identifies problematic areas supported by practical examples
• Pulls the different threads of the legislation together into a harmonious whole

1. Overview and key concepts
2. Automatic overseas tests
3. Automatic UK tests
4. Sufficient ties test
5. Residence in the year of death
6. Split year
7. Anti-avoidance
8. Ordinary residence
9. Domicile and the SRT
10. Record keeping
11. The law of domicile