The UK tax year runs to 5 April, however, The Office of Tax Simplification ‘OTS’ recently published a document (June 2021) setting out its intention to review the benefits, costs and wider implications of changing the end of the tax year to either 31 March or 31 December.
If yes, then did you know HMRC’s online facility does not allow individuals to complete UK Self-Assessment Tax Returns (SATR) if they are a non-UK resident person?
Statistics suggest that the UK tax gap, ie the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid, fell to the lowest rate on record for the 2018/19 tax year @ 4.7%. This is a major achievement for HMRC and reflects investments made in automating many administrative systems to make it as easy as possible for taxpayers to pay the right tax, at the right time. It also reflects their success acting against those who have sought to deliberately evade their Offshore tax obligations. More than £3 bn has been secured by the UK Government since 2010, just from initiatives that focused on Offshore non- compliance.
The budget on 3rd March created further differences in tax charges when acquiring land and property, widening the very clear gap between rates of Stamp Duty Land Tax (SDLT) applying in England, compared with Land and Buildings Transaction Tax (LBTT) applying in Scotland.
Hundreds of thousands of Hong Kong individuals are expected to emigrate in the next few years, as the Chinese Government continues to restrict long held freedoms in the city, originally provided for under British Colonial rule until 1997. Many are completely disillusioned with the current political climate, Beijing consistently introducing measures that are clearly intended to move further away from democracy and which now include restrictions on freedom of speech.
Individuals relocating from, or to the US can face particularly challenging tax situations when compared to other jurisdictions, not least dual reporting requirements and very conflicting approaches to taxing the same sources of income or gains.