Global Scans · Tax · Weekly Summary

• [New] In Germany, individuals will have the power to change their legal name and gender designation through a simple registration process with the tax authorities. Gay Nation
• [New] In fiscal year 2024-25, 60% of households in Alberta, Ontario, Saskatchewan, Newfoundland and Labrador, Nova Scotia, Prince Edward Island and Manitoba will pay more in carbon taxes than what they receive in rebates, after accounting for both direct and indirect costs of the carbon tax. The One Hundredth Monkey
• [New] The latest adjustment in the carbon tax will see a uniform increase in fuel prices across Canada, except in provinces with unique carbon pricing systems. NetNewsLedger
• A border tax on food will see inflation soar and cause food shortages when it is introduced at the end of April. Yahoo News
• Beginning in 2024, a nuclear production tax credit included in the federal Inflation Reduction Act will provide nuclear generators with nine years of financial support through 2032. The Washington Post
• The UK could decide that it's going to synchronise its carbon markets and its carbon border taxes legally with the EU. Financial Times
• Even though a UK resident US taxpayer will not need to pay UK taxes, they can still benefit from the treaty (including, for example, the reduced 15% US withholding tax rate on dividends). CRS
• Staying in the UK for more than four years will subject their worldwide FIG to UK tax, and staying more than ten years will bring their entire worldwide estate within scope of UK inheritance tax. Mishcon de Reya LLP
• Capital payments made to UK resident beneficiaries of non-UK trusts who are not eligible for the FIG regime will continue to match to relevant income and gains within the trust structure and will be taxable at their marginal tax rates. IFC Review
• Temporary Repatriation Facility Individuals who have previously claimed the remittance basis will be able to remit previously accrued foreign income and gains to the UK during the 2025-26 and 2026-27 tax years and pay tax at a rate of 12%. IFC Review
• If foreign income or gains have been used to acquire an asset (assessable under the remittance basis regime) bringing the proceeds to the UK could trigger a UK tax charge. IFC Review
• Once a taxpayer has been UK tax resident in 15 out of the previous 20 tax years, they will be deemed domiciled for UK tax purposes and no longer able to claim the remittance basis of taxation. IFC Review
• The existing duty rates on road fuel gases, which are lower than the equivalent rates on diesel, will continue to 2032, giving the haulage industry greater certainty over future tax rates and supports the decarbonization of the UK transport sector. GOV.UK
• New hydrogen tax credits proposed by the Biden administration will further reduce the Skai's operating costs over time. FutureFlight
• Qualifying individuals will not pay tax on FIG arising in the first four tax years after becoming UK tax resident following a period of 10 tax years of non-UK tax residence. Global Compliance News
• Individuals will not pay UK tax on any foreign income and gains arising in their first four years of tax residence (if non-UK resident for the prior 10 years). Keystone Law
• All individuals becoming UK resident after at least ten tax years of non-UK residence will be eligible for the special tax regime, regardless of their domicile. CRS
• A new 'British ISA' will provide an additional £5,000 tax-free allowances, on top of the existing £20,000 annual ISA allowance, for people to invest exclusively in UK companies. Ascot Lloyd
• After four years, individuals will be subject to UK tax on their worldwide income and gains. KPMG
• Individuals who are UK resident for four tax years or fewer, and who have not been UK resident for a period of ten years prior to becoming UK resident, may opt to be taxed only on UK income and gains, and will be able to remit overseas income and gains tax free. KPMG
• Anyone who has been tax resident in the UK for more than 4 years will pay UK tax on any newly arising FIG, as is the case for all other UK residents. Elemental CoSec
• Normally UK residents will be taxed on the 'arising basis' which means they are liable to pay UK tax on their worldwide income and gains, whenever they arise or accrue. Elemental CoSec

Last updated: 15 April 2024