International rugby players will have to pay up…......

The UK Government recently announced a special exemption from UK income tax for non-resident athletes and footballers coming to the UK to appear at such events as the London Anniversary Games in 2013, the Glasgow Commonwealth Games in 2014 or the Champions League Cup Final at Wembley in 2013, following discussions with the governing bodies of these sports.

Jersey & UK sign a FATCA-type Agreement

Like Guernsey, its near neighbour, Jersey has concluded a FATCA type Agreement with the UK in a further bid to combat tax evasion.  The Jersey Agreement, similar to the FATCA Agreements by both parties with the USA, encompasses a special reporting arrangement for individuals who are resident but not domiciled in the UK, an exchange of information agreement and a disclosure facility.

Highlights from the Budget March 2013 - Personal & Expatriate

Highlights from the Budget  March 2013 - Employer loans as a benefit-in-kind 

The exemption for small, employer-provided loans at less than the official rate of interest, will be increased from £5,000 to £10,000 from 6 April 2014.  This is a welcomed move since the current £5,000 limit has been in place for many years and this merely introduces a sensible level at which a taxable benefit-in-kind will trigger.

Tax Evasion - HMRC launch new initiative relating to gains on sales of real property (real estate)

HMRC have announced a new disclosure facility for individuals who have sold second homes, holiday homes or inherited or gifted property, and who have previously failed to report these sales as chargeable disposals and paid the capital gains tax due.   Data from the last census has been used to establish that there are over 2.3 million individuals with real property that is not regarded as their main residence and who, therefore, potentially should be reporting disposals realising gains.