A UK-domiciled and resident taxpayer has invested in bitcoins, the new online currency. A substantial gain was made on the sale of the bitcoin holdings, but how should this be treated for tax purposes?
The inheritance tax revamp for non-domiciled spouses explained
A client works for the UK civil service and will be going abroad to serve as a diplomat in China. Diplomats are usually exempt from local taxes on a reciprocal basis, but does this extend to family members as well?
A US green card holder returned to live in the UK some years ago and received occupational and state pensions from the US. She also receives a UK pension which seems to be subject to US tax
UK-domiciled and resident taxpayers bought and subsequently sold a holiday home in Florida
The sole shareholder and director of a UK incorporated company lives in France and organises student trips to the UK. About 10 weeks’ worth of work is carried out in the UK each year from a rented office in this country
A UK domiciled taxpayer works overseas on a basis of one month on/one month off. Payment was made under a tax equalisation scheme, but latterly an offshore service company has been used
K Percival (TC2654)
The inheritance tax (IHT) exempt amount a UK-domiciled individual can transfer to a non-domiciled spouse or civil partner is to be increased.
There is currently a lifetime limit of £55,000 on the value of the assets that can be transferred free of IHT when the spouse or civil partner to whom the assets are transferred does not have a UK domicile.
New rules to be introduced in Finance Bill 2013 will raise the cap to the level of the prevailing nil-rate band.
Advisers may need to drop clients in the aftermath of the Mehjoo case
A prospective client was born in London but was domiciled in Poland. He moved to Poland 20 years ago and started a business, but this has now been sold and he plans to return to the UK. The client’s possible domicile status is discussed
Unlike the question of residence, which is largely factual, determining domicile commonly requires an investigation of the historical circumstances and future intentions. The domicile status of a taxpayer, whose Indian parents emigrated to the UK in the 1940s without intending to return, is examined
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