½Û×ÓÊÓƵ

Deemed domicile ― rebasing for capital gains tax (2017/18 to 2024/25)

Produced by a Tolley Personal Tax expert
Personal Tax
Guidance

Deemed domicile ― rebasing for capital gains tax (2017/18 to 2024/25)

Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
imgtext

Introduction

Fundamental changes to the tax regime for non-domiciled individuals were introduced from 6 April 2017. They involve deeming an individual to be UK domiciled for tax purposes even though they may be non-domiciled in the UK under general law. The rules apply for income tax, CGT and IHT.

Non-domiciliaries:

  1. •

    caught by the deemed domicile 15-year rule in 2017/18 may be able to rebase their foreign chargeable assets for CGT purposes as at 5 April 2017

  2. •

    had a one-off opportunity to clean up existing mixed funds, see the Remittance basis ― mixed fund cleansing (April 2017 to April 2019) guidance note

Whilst both these measures were good news for the non-domiciliary, they were not available for all non-domiciliaries and the rules contained traps for the unwary.

This guidance note explores rebasing for CGT in detail. For a discussion of the broader rules as they apply to individuals, including the IHT changes, see the Deemed domicile for income tax and capital gains tax (2017/18 to 2024/25) guidance note.

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by
  • 23 Dec 2024 15:12

Popular Articles

Allowable expenses for property businesses

Allowable expenses for property businessesGeneral itemsMany of the principles applying to allowable expenses for property businesses are similar to those that apply for trading and the rules for individuals in a property business are generally the same as for companies with some exceptions which are

14 Jul 2020 13:26 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax, part of AMS Group Read more Read more

Transferable tax allowance (also known as the marriage allowance)

Transferable tax allowance (also known as the marriage allowance)What is the transferable tax allowance (marriage allowance)?From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,260) to the spouse or civil partner where neither party is a higher rate or additional

14 Jul 2020 13:52 | Produced by Tolley Read more Read more

Company cars

Company carsIntroductionCompany cars are one of the most common taxable benefits. The rules for calculating the benefit are complex, and the reporting requirements are more onerous than most benefits. Company cars are covered by very specific legislation. Detailed guidance on each of the following

14 Jul 2020 11:15 | Produced by Tolley Read more Read more