Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | UK to Introduce Statutory Definition of Tax Residence in Finance Bill 2013The United Kingdom is likely to introduce the statutory definition of tax residence in the Finance Bill 2013.
By: Nair & Co. Statutory Definition of Tax residence: Background As the current rules that determine tax residence for taxpayers are very ambiguous, the UK Government announced to introduce a statutory definition of tax residence providing clear rules to taxpayers in the 2011 budget. Statutory Definition of Tax residence: Consultation The consultation proposed new rules and sought views on its design and implementation from individuals, advisors, businesses and representative bodies who would be affected or from those who were interested to share their views. The consultation was concerned with issues of tax residence in the UK for individuals. Also, the HM Revenue and Customs (HMRC) has proposed to provide an online tool enabling individuals to self assess their residence status. Statutory Definition of Tax residence: Consultation Responses The UK Government received views from individuals and organisations and after considering the views expressed, the British Government published an abstract of responses to the Statutory Definition of Tax Residence consultation in conjunction with the draft legislation in 2012. The UK Government’s latest document includes: • Government’s proposal to end ordinary residence, • retention of overseas workday relief, and • the draft legislation. Statutory Definition of Tax residence: Draft Legislation After publishing the draft legislation, the British Government has invited all interested parties’ responses. For more information on this topic email media@nair-co.com Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. End
|
|