In recent years HRMC has been running a very aggressive and successful campaign deeming legal tax avoidance anti-social and morally wrong. Celebrities and large corporations are being pin-pointed and shamed for implementing legal practices that allow them to reduce the taxes being paid to the UK government. The campaign is mostly based on using buzz words to bring attention to the issue and one of such words is Non-Doms, which has gotten a very negative publicity. The targeted individuals are often held liable for hiding income which in many cases is merely intricately structured perceived wealth. When combined with forthcoming changes in legislation and reducing limits on ATED legal tax avoidance is being attacked vigorously from all positions.
The government is rigorously trying to manipulate the housing market in an attempt to reach their targets of increasing housing availability in UK. This has led to coordinated attacks on second homes via restricted lending, Stamp Duty Land Tax escalation, and tax relief constraints. Starting from April 2015 non-UK tax residents are held liable to pay capital gains tax on property located in UK.
The gains can be calculated either by time allotment of the gains over the entire ownership period or by valuation reference in April 2015. At this stage the tax rate is 18% for most taxpayers and 28% for higher rate taxpayers. The UK personal allowance is also accessible.
The returns have to be made and tax is payable at the end of the month which follows the completion month. A law coming in power from 2018 a payment on account will have to be made 30 days from the date of sale.
In regards to the budget there has been very little impact on Non-Doms. The common alterations have been made to the rates and allowances and lifetime ISA for individuals aged 18-40 has been introduced which will be topped up by the government annually. These funds may only be used to purchase a first home or as a retirement policy. Offshore property developers will now be liable to pay taxes on UK property development profits once the consultation is complete.
On 16 March 2017, the Home Office has released a Statement of Changes to the Immigration Rules. These new changes will affect those applications that need to have a Certificate of Sponsorship and these changes will be in effect on 06 April 2017.
What you should know about European visas after Article 50. The UK Prime Minister Theresa May has so far not changed her mind in regards to the plans of triggering Article 50 before the end of March 2017.
For international students who wish to remain in the UK longer or would like to eventually settle. There are options to choose from, granted you are willing to stay.
As of 16 January 2017 the Prime Minister of the United Kingdom, Theresa May, has given hints that the UK is moving towards a hard Brexit. Although Theresa May insists EU citizens are ‘welcome’ to be in the UK, she cannot guarantee the right of EU citizens in the UK at an early stage. These are troubling news for Europeans and British Citizens currently living and working in the UK.
As of 24 March 2016, the UK government has announced new changes to Tier 2 type visas. This is the migration route for those who have a confirmed job offer to undertake skilled employment in the UK.
The UK government has recently introduced a significant amount of changes to immigration rules and procedures that can influence nationals of European Economic Area. These changes will come into force on the 1st February 2017, however, some changes are happening now.
A new Statement of Changes to the Immigration Rules HC667 has been laid down on the 3rd November 2016. These changes come in a whopping 90 pages however, most changes are in the language itself rather than effect. The significant changes include the increase of the minimum salary requirement of Tier 2 skilled workers; the introduction of a fresh English language requirement for family immigration regarding to Tier 4 visa and the removal of the previous 28 days’ grace period for making out of time immigration applications.