HLAS

Now that the UK has finally left the EU some taxpayers will start to see additional tax costs. One example is where UK residents own holiday homes in EU countries that they rent out for part of the year. Owners of EU rental properties may now be required to pay more tax in those countries, having previously benefited from a lower rate of tax for EU nationals. Those renting out Spanish properties for example will see the rate of tax they pay in Spain increase from 19% to 24%. There would be double tax credit relief for the overseas tax [...]

The Office of Tax Simplification (OTS) have been asked by the Treasury to review both Inheritance Tax (IHT) and Capital Gains Tax (CGT) recently which again suggests there could be changes to those taxes that may require pre-emptive planning action. Will CGT rates go up? The OTS report highlighted the mismatch between CGT and income tax rates which currently encourages taxpayers to prefer to take profits as capital rather than income. This potential opportunity has been addressed recently in the case of company liquidations where there is now a targeted anti-avoidance rule. There has also been increased scrutiny of share [...]

Emergency measures have been introduced at the border to be in place for at least one month in order to protect the UK against new variants. The list of countries, territories and regions from where people can travel to England and may not have to self-isolate is now suspended. From today, if travellers do not present proof of a negative coronavirus (COVID-19) test result, they may not be able to board to travel to England and could be fined £500 on arrival. Anyone arriving from the 18th January must self-isolate for 10 days and complete a passenger locator form. See:  [...]

There is updated advice for Worker, Temporary Worker and Student sponsors in the UK who are sponsoring those affected by coronavirus (COVID-19). Contents If your student or employee is absent If you’re sponsoring a student who is distance learning If you have issued a Certificate of Sponsorship (CoS) or a confirmation of acceptance for studies (CAS) and the sponsored employee or student has not yet applied for a visa If you’re sponsoring a student who’s waiting for their permission as a Student or Child Student application to be decided If you’re sponsoring employees who are working from home If you’re [...]