Transfers of assets abroad
A new rule aimed at preventing individuals from using companies to avoid taxes through the Transfer of Assets Abroad (ToAA) provisions applies to income arising to persons abroad
HMRC launch offshore property owners campaign
It has been reported by the Chartered Institute of Taxation (CIOT) that HMRC is to launch a new campaign to tackle non-compliance linked to offshore corporates owning UK property.
Donations to overseas charities
Taxpayers who make donations to charities in other countries can qualify for tax relief in the UK under certain circumstances. This means that UK charitable tax reliefs are
Reminder of eight-step export routine
Following the end of the Brexit transition period, the process for exporting goods to the EU mirrors the process for all other international destinations.
Businesses, especially
Financial support for exporters
There is a special financial support targeted specifically at exporters. This is in addition to the package of government-backed and guaranteed loans and other measures designed
Foreign currency considerations
There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known as a barter transaction. As a general rule when a
High penalties for offshore tax evasion
There are higher penalties for taxpayers evading Income Tax and Capital Gains Tax relating to offshore matters. HMRC’s compliance check notice entitled Higher penalties for
Requirement to correct tax due on overseas assets
The Requirement to Correct (RTC) legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters. The RTC applies to
New offshore tax penalties
New legislation that comes into effect from 1 October 2018 will see higher penalties for anyone with undeclared offshore assets. HMRC has published a news release urging taxpayers
HMRC’s requirement to correct
The new requirement to correct (RTC) legislation was introduced by the Finance (No.2) Act 2017. The legislation created a new statutory obligation for taxpayers with undeclared UK