United Kingdom: tax residency and domicile of individuals

United Kingdom: tax residency and domicile of individuals

One of the main features of taxation of private individuals in the UK is the specific approach to determination of tax relationship of an individual with the state. The regime of taxation of incomes of individuals who are resident in the UK for tax purposes depends on whether such individuals are domiciled in the UK …

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The United Kingdom has excluded Russia from its list of countries for automatic exchange of tax information

The United Kingdom has excluded Russia from its list of countries for automatic exchange of tax information

According to information provided by official source of Her Majesty’s Revenue and Customs (HMRC), the automatic exchange of information on financial accounts with Russia in accordance with CRS will be put to an end. Russia has been excluded from the list of jurisdictions with which the United Kingdom exchanges the information automatically. Both Russia and …

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Регистрация компании в Великобритании

The United Kingdom to oblige its Overseas Territories to establish public registers of beneficial owners

On 1 May 2018 the amendment to Sanctions and Anti-Money Laundering Bill was introduced in the Parliament of the United Kingdom. This amendment provides that the Overseas Territories of the UK will have to establish publicly available registers of beneficial owners of legal entities incorporated in such jurisdictions. In accordance with the provisions of Sanctions …

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Liability for failure to prevent facilitation of tax evasion in the United Kingdom

Liability for failure to prevent facilitation of tax evasion in the United Kingdom

Legislative bodies of the UK enacted Criminal Finance Act (“the Act”) on 30 September 2017. The Act establishes liability for entities that failed to prevent facilitation of tax evasion committed by their associated persons. The new type of offence was added in order to set up the liability of any entity that allows its associated …

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Requirements for SLPs to disclose their beneficial owners

Requirements for SLPs to disclose their beneficial owners

Since Scottish Partnerships (Register of People with Significant Control) Regulations 2017 have come into force on 26 June 2017, Scottish Limited Partnerships (SLP) are required to disclose their people with significant control (PSC). Information about PSC should be delivered to the Companies House within 14 days from 24 July 2017. A PSC is an individual …

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PSC information of Scottish Limited Partnerships (LP) will become publicly available

PSC information of Scottish Limited Partnerships (LP) will become publicly available

1. The UK Companies House announced soon extension of information disclosure requirements in respect of «people with significant control» (in fact – beneficial owners) to Scottish Limited Partnerships (SLP). At the moment only companies and limited liability partnerships (LLP) are obliged to disclose information of «people with significant control». Such information is available to general …

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UK considers creation of a register of beneficiaries of overseas companies owning real property

UK considers creation of a register of beneficiaries of overseas companies owning real property

Today the United Kingdom is the world leader in corporate information transparency. In June 2016 it became one of the first countries which implemented the central and publicly available register of companies’ beneficial owners (‘persons with significant control’). One of the new steps in this field may be establishing a register of beneficial owners of …

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United Kingdom: tax as a condition of privacy

United Kingdom: tax as a condition of privacy

As reported by the British media, more than 200 high net worth foreigners have chosen an option of paying a special tax of GBP 218,200 in order to release themselves from declaring their ownership of luxury real estate in the UK. The title to such property is usually held by offshore companies belonging to such …

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British authorities will discover beneficiaries in BVI and other jurisdictions

The Crown dependencies and overseas territories of the Great Britain have agreed to deliver information on company beneficial ownership to the UK competent bodies electronically within 24 hours, or within one hour in ‘urgent’ cases. These agreements have been achieved after months of negotiations. The leaders of the said territories promise the efficient cooperation with …

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Duties applied to “shadow directors” of the UK companies

The UK Small Business, Enterprise and Employment Act 2015 has adjusted the status of the so-called shadow directors. The term “shadow director” is established by statute. According to section 251 of the Companies Act 2006 (as amended 2015) “shadow director”, in relation to a company, means a person in accordance with whose directions or instructions …

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