By Malcolm James Finney
Wealth administration making plans addresses the main united kingdom tax matters affecting wealth administration making plans for either the united kingdom domiciled and non-UK domiciled person. It explains, with various labored functional examples, the rules underpinning the 3 major taxes: source of revenue tax; capital earnings tax; and inheritance tax. it really is geared toward these fascinated about delivering suggestion within the box of wealth administration making plans together with solicitors, accountants, monetary planners, inner most bankers, trustees, scholars of tax and legislations and the layman looking extensive knowledge.
The contemporary Finance Acts 2006 and 2008, particularly, have changed considerably the tax principles in key parts acceptable to wealth administration making plans. those new tax ideas are all addressed intimately during this e-book and comprise the pre and submit Finance Act 2006 inheritance tax remedy of trusts; the hot publish Finance Act 2008 place of abode principles; and the hot Finance Act 2008 ideas acceptable to non-domiciled contributors and the tax remedy of off shore trusts.
In view of the more and more foreign nature of wealth administration making plans the ebook makes an attempt to put the united kingdom tax ideas in a world context addressing such concerns as: the function of wills within the foreign enviornment; the results of the ecu; the suitability of off shore monetary centres; and the function and use of double taxation agreements.
Appendices assemble precious fabric produced through HMRC and a close bibliography for the reader is usually included.
“ This publication provides finished assurance to the complex topic of taxation for monetary Planners. will probably be very priceless to all these monetary Planners who desire to expand their studying and reference and wish to meet the wishes of clients”. NICK CANN, leader govt OF THE INSTITUTE of economic PLANNING.
“ during this ebook, Malcolm Finney provides a complete precis of the united kingdom tax principles in ordinary language and with many sensible examples. it's a awesome fulfillment to place incomprehensible tax laws into such quite simply comprehensible phrases; an individual advising on wealth administration will locate this to be a useful consultant to the subject”. MALCOLM GUNN, advisor, SQUIRE, SANDERS & DEMPSEY
“ the writer demonstrates huge ability in explaining advanced tax ideas in a fashion that makes them effortless to assimilate and comprehend. The e-book comprises bankruptcy summaries, helpful Appendices and various labored examples, which offer a truly transparent, necessary clarification of a few tricky tax principles. The book’s contents hide extensive components of the tax method, and but offer enough technical intensity to be a worthwhile element of reference for these fascinated with wealth administration and fiscal planning”. MARK McLAUGHLIN, MARK McLAUGHLIN affiliates, coping with EDITOR OF TAXATIONWEB
“ A worthy new textual content explaining the tax remedy acceptable to monetary making plans items and methods for united kingdom domiciled individuals (UK resident or expats) and non domiciled united kingdom citizens. This publication may be of curiosity to a large readership starting from scholars of legislation and tax, the layman looking extensive wisdom and pros together with solicitors, accountants, monetary planners, deepest bankers and trustees. Malcolm is to be counseled on distilling an enormous volume of targeted fabric right into a logical and good ordered framework”. ANDREW PENNEY, coping with DIRECTOR, ROTHSCHILD belief company LTD
“ Malcolm Finney’s publication is stimulating, cutting edge and refreshingly useful. an individual short of both a high-level knowing of tax ideas all for wealth administration or a deeper perception should still learn this book”. JACOB RIGG, HEAD OF coverage, SOCIETY OF belief AND property PRACTITIONERS, STEP WORLDWIDE
“ This e-book offers complete assurance to the advanced topic of taxation for monetary Planners. many consumers more and more have various and complicated wishes frequently spanning various economic regimes and to satisfy their targets and goals desire a better point of help. This ebook can be very useful to all these monetary Planners who desire to expand their studying and reference and wish to meet the desires of such consumers .” STEPHER ARTHUR, BARRISTER, LINCOLN’S resort
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Extra resources for Wealth Management Planning: The UK Tax Principles
Example text
It is because of this difference in treatment that in some countries investment returns are often structured to provide the investor with capital gains not income benefits in order to produce an overall lower tax liability. g. the UK tax system’s treatment of nondistributor offshore fund “profits’’ and the “profits’’ of offshore single premium bonds; see Chapter 18). WORLDWIDE V. TERRITORIAL TAX SYSTEMS (a) Income and Capital Gains Taxes Most countries’ tax systems can be conveniently, albeit loosely, categorised as either a worldwide- or a territorial-based system of taxation (although within a particular country the method of levying tax on individuals may be different from that applying to companies or other forms of taxpayer).
Citizenship Test The adoption of a citizenship criterion to determine the taxability of income and gains, while very unusual, is in fact utilised by some countries including the USA. The USA adopts a worldwide basis of taxation, as does the UK, but unlike the UK and most other countries, the USA extends its tax system to tax the income and gains of its citizens wherever they are resident. g. in the UK or Bermuda). e. is not resident therein) but resides in, say, the UK is still in principle liable to USA income and capital gains taxes on worldwide income and gains (as well as in this case being liable to UK income and capital gains taxes).
However, for UK tax purposes this is not strictly necessary because the same tax laws apply to each of these countries. Accordingly, the term “UK domicile” (and where appropriate non-UK domicile) will be adopted to apply whether, technically speaking, the actual domicile of the individual is English/Welsh, Scottish or Northern Irish. For UK tax purposes it is thus generally only necessary to identify whether an individual is UK domiciled or non-UK domiciled. IMPORTANCE OF DOMICILE FOR UK TAX PURPOSES The concept of domicile has been imported for UK tax purposes and its importance for an individual in the context of taxation (as was seen in Chapter 2) is that: • it is the primary determinant of the extent of an individual’s inheritance tax liabilities; • it determines if the “remittance’’ as opposed to the “arising’’ basis applies to nonUK source income and non-UK source capital gains for the non-UK domiciled (and resident) individual.