UK and International Tax news

Statutory Residence Test

Thursday 20th December 2012

HMRC has recently announced that legislation will be introduced in the 2013 Finance Bill to put the rules which determine an individual’s tax residence status on a statutory basis.  The new statutory residence test will come into force from the start of the 2013-14 tax year.

The legislation will also provide for a tax year to be split into a UK part and an overseas part in certain circumstances and contain new rules for the taxation of certain income and gains arising during a period of temporary non-residence.

HMRC has also published draft guidance to assist individuals on the application of the statutory residence test and on eligibility for overseas workday relief.

If you would like further information on the above, please contact Keith Rushen on 0207 486 2378.

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