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Revision to penalties for late submission of Non Resident Capital Gains Tax Returns

See here

OECD takes aim at CRS avoidance scheme

OECD takes aim at CRS avoidance scheme - see here

The Isle of Man Income Tax Divisions have updated Guidance Note 49

The Isle of Man Income Tax Divisions have updated Guidance Note 49: Taxation of Distributions from Corporate Taxpayers. The updates are in response to the UK’s falling corporation tax rate and

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Government drop majority of Finance Bill

The UK’s Finance Bill received royal assent on 27 April and became Finance Act 2017. As a result of the general election being called, many of the provisions originally intended to be included were

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All change for non-doms…or not?

After a long awaited build up, many amendments to the proposed draft UK tax legislation and a hive of activity pre-6 April 2017 experienced by advisers (on the not unreasonable assumption that the

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Relying on domicile ‘rulings’ – sensible or dangerous?

Domicile HSBC Group Chief Executive loses appeal regarding closure notice into his tax affairs see here.

This case is particularly relevant regarding so-called rulings regarding domicile and means

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Register of beneficial owners of overseas companies and other legal entities

The UK Government has launched a consultation calling for evidence with regard to a new beneficial ownership register of overseas companies that own UK property or participate in UK government

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Update regarding tainting of “protected trusts” from 6 April 2017

From 6 April 2017 where a UK resident deemed domiciled settlor adds property to a trust they will ‘taint’ the trust under the new deemed domicile rules that come into force from 6 April 2017.

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Impact of Brexit on the Crown Dependencies

The House of Lords European Union Committee has published its report on the impact of Brexit on the Crown Dependencies: the Isle of Man, Jersey and Guernsey. Whilst the Crown Dependencies’ first

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Non-resident companies chargeable to income tax and non-resident capital gains tax

Open consultation: Non-resident companies chargeable to income tax and non-resident capital gains tax can be found here

Tax Adviser Vacancy

Hotchkiss Associates Limited is a rapidly expanding independent Isle of Man based tax practice.  We are seeking to further expand its tax team with the addition of a Tax Adviser to assist with all

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Spring Budget 2017

As part of the Spring Budget 2017, the government has confirmed that it will consult on the case and options for bringing non-UK resident companies who are currently chargeable to Income Tax on their

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The public gets what the public wants

Historically, there has always been a certain amount of scepticism on budget day…-is the Government being transparent and honest with public finances?  This has been partly fuelled by the fact that

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HMRC’s Offshore Property Developers Task Force

Initially announced by George Osborne in Budget 2016, HMRC’s ‘Offshore Property Developers Task Force’ (OPDTF)  appears to be up and running, and in all likelihood was responsible for the

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Offshore property development and investment companies and UK corporation tax:the changing landscape

It seems that the last few years have brought an onslaught of measures aimed at bringing non-UK residents within the UK tax net, something which is as true for non-resident companies as it is for

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