UK: Pragmatic Proposals For Charging CGT on Non-residents’ Homes

The Government has been in listening mode as regards the consultation on subjecting non-UK residents to capital gains tax on the disposals of UK residential property. The revised proposals published in today’s Autumn Statement will minimise the administrative headache that might have arisen from the original proposals, which included changes to the ability to elect which property qualifies for private residence relief (PRR).

Basically, the Government has decided that from April 2015 a person’s residence […]

By |December 3rd, 2014|

Russian Federation: How To Reduce The Risk Of Criminal Liability For Tax Evasion

Business people often believe that the only consequence of a tax offence will be the claim for the outstanding (non-paid) taxes and administrative penalties. The issue of potential criminal liability of the chief executive officer is usually disregarded. This may be a serious mistake of the affected company and its CEO as many so-called “economic” criminal investigations are filed in Russia for fraud and tax evasion.

Prior to autumn 2014 criminal cases were brought only […]

By |December 3rd, 2014|

United States: Israeli Beneficiaries Subject To New Tax

November 25, 2014

For the first time, U.S. (and other) foreign trusts with Israeli beneficiaries will be liable for a substantial income tax. Trust settlors face an array of decisions, some with deadlines as early as year-end.

Until 2014, Israel generally exempted from its income tax any trust that had been created by a foreign person, even if there were Israeli resident beneficiaries and, similarly, didn’t seek to tax such Israeli resident beneficiaries on any distributions. […]

By |December 2nd, 2014|