Private Client & Offshore Services, Forsters LLP updates

United Kingdom

Contributed by Forsters LLP
Directors' role in ensuring that overseas companies are and remain non-UK resident for tax purposes
  • United Kingdom
  • 25 February 2021

Directors of non-UK-incorporated, non-UK tax resident companies which have some connection with the United Kingdom have an important role in ensuring that the company in question does not become UK tax resident. The Court of Appeal recently held that a Jersey-incorporated company with a majority of Jersey-based directors was UK resident. Although the facts of the case were unusual, the judgment provides some useful pointers as to what went wrong for the company and how it could have done better.

VAT: cross-border supplies post-Brexit
  • United Kingdom
  • 18 February 2021

It is often easy to assume that only parties which live in the United Kingdom are required to pay UK value added tax (VAT). However, UK VAT is often paid by individuals, trustees and companies which are resident outside the United Kingdom but use the services of professionals which are based in the United Kingdom. The extent to which VAT is or is not chargeable has changed as a result of Brexit and the end of the transition period on 31 December 2020.

What is capital gains tax?
  • United Kingdom
  • 28 January 2021

Capital gains tax (CGT) is a tax on the gain in value made when an individual disposes of a capital asset such as a residential property. Most people's homes are exempted from the charge due to principal private residence relief (PPR), which relieves any charge on an individual's only or main residence. However, individuals must be wary of unexpected CGT bills on their main home. The most likely cause of this is the property not being the main residence for a period, meaning that PPR has to be pro-rated.

Sustainability in the charitable sector – is social investment the answer?
  • United Kingdom
  • 26 November 2020

The issue of sustainability for the charitable sector takes many guises, including in the way in which charities invest funds, but also in the activities which charities undertake and, by implication, fund. Sustainability as a theme can be observed through a number of different lenses; this article deals with the investment of funds and charitable activities in this context.

Anti-money laundering rules: impact on art market
  • United Kingdom
  • 19 November 2020

The EU Fifth Anti-money Laundering Directive was enacted into UK law with effect from 10 January 2020. It requires art businesses to implement systems intended to prevent their potential use in money laundering or for various other offences. The rules apply to those trading, storing or acting as intermediaries in works of art, where the value involved is more than €10,000. This is a significant extension to the existing rules.

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