Tax Briefs
The tax team at LSG Solicitors have prepared monthly tax briefs on the current hot topics and areas of interest in the tax world. This page will be updated monthly.
Should you have any comments or questions relating to the briefs, would like to receive a monthly email version direct, or have any tax related query, please contact either Frank Strachan (Head of Tax) or Sean Bannister (Tax Manager) on the contact details below.
| Frank Strachan |
Sean Bannister |
| T: |
020 7851 1020 |
ET |
020 7851 0127 |
| M: |
07557 343234 |
M: |
07872 311318 |
Monthly Tax Briefs
Click on the PDF icon to download the relevant tax Brief:
| December 2011 - Certificates of Relevance – Liechtenstein Disclosure Facility (LDF) |
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HMRC have released a revised set of FAQs in respect of the Liechtenstein Disclosure Facility. The revisions have a significant impact for those UK taxpayers seeking to enter into the process who do not have a pre-existing asset in Liechtenstein.
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| November 2011 - Gaines-Cooper case update |
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The Supreme Court rules in the landmark Gaines-Copper case. LSG comment on the impact this will have on UK tax residency.
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| October 2011 - HMRC targets 6,000 HSBC Geneva customers |
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HMRC have announced that they will allow 6,000 HSBC Geneva customers a small window of opportunity to take advantage of the terms of the Liechtenstein Disclosure Facility (LDF). Until now, the LDF and its most favourable terms for resolving past tax irregularities, was not available to HSBC Geneva customers.
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| September 2011 - Lib Dems announce a new HMRC team to target the wealthy |
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Danny Alexander, Chief Secretary to the Treasury, announced at the Lib Dem Annual Conference that HMRC would be setting up a new anti-evasion and anti-avoidance unit, staffed by 2,250 tax inspectors. This will include 900 new tax inspectors.
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| August 2011 - UK Swiss Tax Agreement dated 24 August 2011 |
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The UK and Swiss Governments have announced a historic agreement which will see the UK government recoup tax on non compliant funds held in Switzerland. The UK/Swiss agreement follows a similar agreement signed between Germany and Switzerland which was announced earlier this month.
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| August 2011 - HMRC start to get tough on non-disclosers |
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HMRC have started to take affirmative action against those taxpayers who have decided not to take advantage of tax disclosure opportunities offered to their trade or profession.In recent weeks, HMRC have arrested five plumbers who failed to participate in the Plumbers Tax Safe Plan (PTSP).
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| July 2011 - Statutory Residence Test – clarity on UK tax residence |
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In his March 2011 Budget statement the Chancellor of the Exchequer announced the beginning of a consultation process in relation to the introduction of a statutory definition of tax residence (SRT).
The SRT test consists of 3 parts.
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| June 2011 - Swiss Banks ask their UK resident, non domicile client base to confirm their tax status |
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LSG’s Tax Team understands that a number of Swiss banks have written to their clients whom they believe to be UK resident but not UK domiciled (RND). The purpose of these letters is to seek confirmation from those clients that they will be claiming and paying the £30,000 remittance base charge (RBC) in their tax return this year |
| May 2011 - Swiss Banking Treaty |
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We understand that a ground breaking agreement is about to be signed between HMRC and the Swiss tax authorities. The deal, details of which remain a closely guarded secret, is believed to revolve around a future withholding tax type agreement and a potential flat rate tax charge on either the asset base or historical growth in order to address the prior years ... |
| April 2011 - The Budget 2011 Overview |
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The coalition government’s second budget was an opportunity for it to set an agenda for fiscal and economic policy, going forward, in the wake of the recent downturn in the economy. With servicing the national debt and the fear of stagflation looming large in the mind of all those in the UK (in particular George Osborne) would the budget trigger a radical change in government policy? ... |
