News
17.11.2014 - Important Changes to TAX on Your Properties
In a little over 5 months time (April 2015) the UK Government are to charge 28% tax on Gains in the value of UK property held by offshore owners. Previously this was exempt from tax.
This will directly affect you and there are important decisions that must be made before then as to how you own the property to escape these new charges.
We give below the impact of the changes on different types of ownership and the costs of making a change to a new ownership vehicle that will prevent the charges form applying.
COMPANY OWNERSHIP
If your property is in a company and currently valued at £10m, and g...
13.11.2014 - 24 hour Super Priority Visa Service to be extended
Downing Street has announced plans to extend its 24 hour visa service (currently only available in China and India) to seven further countries.
The Super Priority Visa Service is aimed at business travellers and those needing to travel urgently, where a decision will be provided within 24 hours.
The service will be extended to cover applicants in the United Arab Emirates, Turkey, South Africa, Thailand, the Philippines and visa processing centres in New York and Paris.
As the service has been a success it is likely that the service will be extended to further countries in the future. We will ...
04.11.2014 - Report finds economic benefits to the UK from immigration
A report produced by University College London and published today in the Economic Journal (‘The Fiscal Effects of Immigration to the UK’, Christian Dustmann and Tommaso Frattini) has found many financial benefits to the UK from EEA and non-EEA migration.
The main findings are as follows:
• EEA immigrants made a fiscal contribution of £4.4bn between 1995 and 2011 (compared to British nationals who made a negative net contribution of £591bn for the same period);
• Between 2001 and 2011 EEA migrant arrivals contributed £20bn;
• Between 2001 and 2011 non-EEA migrant arrivals contributed £5bn;
• 6...
15.10.2014 - Statement of Changes in the Immigration Rules – Tier 1 (Investor) raised to £2 million
Further to our previous article this is to confirm that it has just been announced in the House of Commons that the Tier 1 (Investor) route is being reformed following the Migration Advisory Committee (MAC) recommendations from February. The minimum investment threshold is being raised from £1 million to £2 million.
It is not yet clear, as the Statement of Changes and the consultation document have yet to be published, however it appears that the Tier 1 (Investor) route will be reformed in two stages:
1. The investment threshold will be raised from £1 million to £2 million – this could come be...
15.10.2014 - Statement of Changes in the Immigration Rules Published
The Statement of Changes in the Immigration Rules presented to parliament earlier today has now been published. There are significant changes to many of the rules. Please find below a breakdown of the main changes:
Tier 1 of the Points-Based System
- The investment threshold of £1 million is being raised to £2 million;
- The full investment sum must be invested in prescribed forms of investment (share or loan capital in active and trading UK companies, or UK Government bonds) instead of the current 75%;
- If the investment falls then there is no longer a requirement to...
14.10.2014 - Tier 1 (Investor) – likely to be increased to £2 million imminently
In February of this year the Migration Advisory Committee’s (MAC’s) report on the Tier 1 (Investor) route investment thresholds and economic benefits recommended that significant changes be made to the route.
As the end of the year is fast approaching and now that the Immigration Act 2014 is being implemented it is expected that the recommended changes will be incorporated into the Immigration Rules imminently.
To remind you the MAC’s recommendations are as follows:
Minimum investment threshold
• That the minimum £1 million threshold be increased to £2 million;
• That the current restrictions ...
13.10.2014 - HMRC launch a new disclosure facility
HMRC have launched a credit card sales campaign. This opportunity gives a business that accepts credit and debit card payments, but that have not declared all their UK tax liabilities, the opportunity to bring their tax affairs up to date on preferential terms. There is no end date for this campaign. A business that wishes to take part should contact HMRC by completing the notification form or calling the credit card sales campaign helpline (0300 123 9272). It should then fill in the disclosure form and pay the tax owed within four months from the date HMRC acknowledge the business’s notific...
05.10.2014 - UK-Ireland Visa Deal
On the 6th of October 2014 the Home Secretary signed a Memorandum of Understanding with the Republic of Ireland.
This will allow visitors from India and China to travel more easily between the United Kingdom and the Republic of Ireland on a single visit visa.
The scheme will start in China by the end of October 2014 and in India soon afterwards. It is expected that more than 10,000 visitors from China and India will use the scheme.
27.08.2014 - Migration Statistics Quarterly Report, August 2014
The Office for National Statistics has today published its Migration Statistics Quarterly Report, August 2014. The report highlights a number of key figures including the following:
- Work visas granted have risen by 10% in the year ending June 2014, compared to the previous year. ‘The increase in work visas was largely accounted for by skilled work (+11,744).’
- Student visas granted have risen by 7% in the year ending June 2014, compared to the previous year. ‘Reflecting higher levels of university-sponsored applications.’
- 560,000 people immigrated to the UK in the year ending March 2014, two...
05.08.2014 - HMRC change of policy on UK debt secured by foreign income and gains
HM Revenue & Customs (HMRC) have announced fundamental changes affecting all UK resident but non-UK domiciled individuals (and some trustees and other relevant persons) who were planning to (or have already used) untaxed foreign income or gains as security for loans used in the UK.
Previously HMRCs’ widely published approach was that, in commercial circumstances, such income or gains would not be treated as remitted. In an unexpected change, with no advanced warning, HMRC have withdrawn this ‘concessionary’ treatment.
From 4th August 2014 HMRC take the view that it is not possible to put in pl...
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