Client Alerts

UK Budget 2018 Highlights

The Chancellor, Philip Hammond, presented his 2018 Budget on 29 October 2018. There were no particular surprises or major changes in his Budget. The key tax measures announced include:

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Requirement to Correct Tax on Offshore Assets

Taxpayers have just over a month - until 30 September 2018 - to disclose to HMRC any undeclared UK tax liabilities on overseas income or assets under the Requirement to Correct (RTC) legislation. Tough penalties will apply if HMRC discovers tax irregularities that have not been corrected by the deadline. This is also the deadline by which HMRC will receive information from around 100 countries, under the Common Reporting Standard, on financial accounts held overseas by UK resident taxpayers. This information will enable HMRC to more easily detect tax irregularities in respect of overseas assets.

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Cleansing Mixed Funds

Non-doms, remember to cleanse your mixed funds before the window of opportunity closes! Non-domiciled UK residents should be reminded that the window of opportunity to “cleanse” mixed fund bank accounts will close on 5 April 2019. This is an opportunity not to be missed since, if successfully utilised, cleansing allows a non-dom remittance basis user to create (or increase) a fund of non-taxable “clean” capital which can be brought to the UK free of tax. This briefing provides an overview of the mixed fund cleansing opportunity. It is, however, important that specific advice is obtained.

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Publications

UK Budget 2018 Highlights

The Chancellor, Philip Hammond, presented his 2018 Budget on 29 October 2018. There were no particular surprises or major changes in his Budget. The key tax measures announced include:

Read more
Business Investment Relief

Business Investment Relief (BIR) is a potentially valuable tax relief for UK resident non-domiciled individuals looking to bring funds into the UK to invest in a qualifying trading company without triggering a taxable remittance.

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Cleansing Mixed Funds

Non-doms, remember to cleanse your mixed funds before the window of opportunity closes! Non-domiciled UK residents should be reminded that the window of opportunity to “cleanse” mixed fund bank accounts will close on 5 April 2019. This is an opportunity not to be missed since, if successfully utilised, cleansing allows a non-dom remittance basis user to create (or increase) a fund of non-taxable “clean” capital which can be brought to the UK free of tax. This briefing provides an overview of the mixed fund cleansing opportunity. It is, however, important that specific advice is obtained.

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Tax at a glance

Hover over a pin to see that nation’s tax rates. Click for more detailed information.

map
      Corporation Tax-main rateCorporation Tax-reduced rateCapital Gains TaxVAT - main rateReal Estate TaxReal Estate Transfer TaxCapital/Stamp Duty on SharesWith-holding Taxes - Non Treaty - DividendsWith-holding Taxes - Non Treaty - InterestWith-holding Taxes - Non Treaty - RoyaltiesWith-holding Taxes - Non Treaty Various - Fees
UK19%-20%20%-0% - 15%0.5%-20%20%-
Ireland12.5%0%33%23%-1% - 2%1%20%20%20%-
Austria25%-25%20%0.2% - 1%3.5%-25%-20%20%
Belgium33.99%6.8% - 31.93%33.99%21%1.25% - 2.5%0% - 12.5%Max €80030%30%30%-
Brazil15%-15-22.5%17%-19%0.3% - 1%2% - 6%--15%15%-
Cyprus12.5%--19%-3% - 8%0.6%--5% - 10%-
France33.33%15%33.33%20%-5.09%3%30%-33.33%33.33%
Germany15.825%-15.825%19%1.5% - 2.3%3.5% - 6.5%-26.38%26.38%15.83%-
Hong Kong16.5%----0% - 15%0.2%--4.95%-
Italy27.9%-27.9%22%0.76%9% - 13%€200 fixed26%26%22.5%-
Luxembourg26.01%5.2% - 22.08%26.01%17%---15%---
Malta35%0% - 10%35%18%-8% - 10%2%----
Mexico30%-30%16%-2% - 4%-10%4.9% - 21%25% - 35%25%
Netherlands25%5% - 20%25%21%Variable6%-15%---
Portugal21%17%21%23%0.3% - 0.8%5% - 10%Variable25%25%25%15% - 25%
Russia20%0 - 8.5%-7%3% - 16%Variable0.2%15%20%20%-
Singapore17%0% - 8.5%-7%3% - 16%1% - 3%0.20%-15%10%17%
Spain25%25%28%21%0% - 1.3%6% - 7%1%19%19%24%24%
Switzerland8.5%-8.5%7.7%-1% - 3%0% - 1%35%35%--

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