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A look at the Finance Bill 2013 rules affecting temporary non-residents
KEY POINTS
- New temporary non-residence anti-avoidance provisions apply for departures from the UK on or after 6 April 2013.
- Strict application of the provisions produces strange results: clarification has been requested from HMRC.
- The new rules apply to gains and certain types of income.
- Important changes to the capital gains provisions in TCGA 1992 s 10A.
- Old and new rules will have to be considered in parallel for another five years.
- The revised advice that will have to be given to clients.
As part of the raft of new provisions associated with the new statutory residence test the government is introducing a harmonised rule on the UK taxation of temporary non-residence.
While the new proposals draw heavily on the existing temporary non-residence rules for capital gains tax which were introduced in 1998 there are some important differences.
Although the temporary non-residence rule formed part of the statutory residence test consultation in June 2012...
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