Menu

Global Scans · Tax · Weekly Summary


  • [New] Deposits held in Europe are likely to generate between €15bn and €20bn in after-tax profits between now and the end of 2027, depending on the evolution of global interest rates, a senior EU official said. The Guardian
  • [New] If income and gains will in any case be subject to US tax, it may be preferable to choose for it also to be subject to UK tax in the year of receipt. Mishcon de Reya LLP
  • [New] Individuals returning to the UK having spent a period of over 10 UK tax years overseas will be able to benefit from the FIG regime on their return. The Law Society
  • [New] China faces a pivotal moment with a potential MTBE tax threatening isobutane demand, while normal butane sees growth due to new MA production. BNN
  • [New] New tax reliefs and investments will help establish the UK as a world leader in high-growth industries such as the creative sector, advanced manufacturing and life sciences, while 28,000 SMEs will be taken out of VAT registration altogether - encouraging them to invest and grow. GOV.UK
  • [New] Indications are that individuals coming to the UK will be exempt from inheritance tax on non-UK assets for ten years (with a ten-year tail provision for individuals who leave the UK and become non-resident). Moore Kingston Smith
  • [New] Creating Tax Incentives for Battery Storage: NYCEDC will utilize New York City's Industrial Development Agency tax incentives to activate 500 Megawatts of battery storage capacity and support other green economy uses. The official website of the City of New York
  • Companies that use business aviation are expected to operate in full compliance with tax laws and applicable Securities and Exchange Commission rules. NBAA - Washington D.C.
  • While the IRS announced that the tax audits will focus on large corporations and high-net-worth individuals, the NBAA says, Most organizations using business aviation are small or medium-sized businesses. Forbes
  • Anyone who has been tax resident in the UK for more than four years will pay UK tax on their foreign income and gains. Stephenson Smart
  • Transitional provisions mean that for 1 year only, persons who were eligible for the remittance basis but will not be eligible for the new 4-year regime will only be subject to UK tax on 50% of their foreign income (but not foreign capital gains). Mishcon de Reya LLP
  • US oil production dipped back last week, and many US oil producers are fearing that Biden's methane taxes force many US oil producers out of business leading to a sharp decline in US oil production. investing.com
  • New tax reliefs and investments will help establish the UK as a world leader in high-growth industries such as the creative sector, advanced manufacturing and life sciences, while the future of nuclear in Wales has been secured through a deal to acquire the Wylfa site in Anglesey. GOV.UK
  • There will be a period of four years during which short term residents will be exempt from UK tax on foreign income or gains regardless of whether they are remitted to the UK. Mishcon de Reya LLP
  • The status, which permitted individuals living in the UK to avoid tax on their earnings abroad, will now come to an end in 2025 in favour of a fairer and more competitive option. Morningstar UK
  • Non-dom tax status that allows foreign nationals who live in the UK - but are officially domiciled overseas - to avoid paying UK tax on their overseas income or capital gains, will be changed. iNews
  • Individuals will not pay UK tax on any foreign income and gains arising in their first four years of tax residence, provided they have been non-tax resident for the last 10 years. GOV.UK
  • Foreign income and capital gains that arose while a non-dom was taxed on the remittance basis will remain liable to UK tax upon remittance. Mercer & Hole Chartered Accountants
  • There will be a Temporary Repatriation Facility which will allow existing remittance basis payers to remit overseas income and gains to the UK in the 2025/2026 and 2026/2027 tax years at a 12% rate of tax (compared to the current rates on remittance of up to 45%). Birketts
  • UK source income and gains will remain subject to UK tax as they arise, as is currently the case for all non-domiciled individuals. Charter Tax
  • There will be a limited replacement for individuals coming to the UK for the first four tax years of residence, to be known as the foreign income and gains regime. Charter Tax
  • At least 40% of cost of the materials used in clean energy projects must be US-made to qualify for tax credits, a percentage that will rise to 55% over the next few years. The Boston Globe

Last updated: 18 March 2024



Please stand by...

The magic is happening, but it might take a couple of minutes.

Login