Tax plea for Britons fleeing Iraq
Pleas for tax concessions for Britons fleeing Iraq, following advice from the Foreign and Commonwealth Office last week, has come from the Institute for Global Mobility.
Pleas for tax concessions for Britons fleeing Iraq, following advice from the Foreign and Commonwealth Office last week, has come from the Institute for Global Mobility.
Link: Bosses called to war could lose tax perks
With the threat of war growing closer every day, the government advised all British citizens to leave the region.
But by leaving before the 5 April 2003 – for those citizens who originally left the UK after 6 April 2001 – they will not meet the one year tax test and will then face retrospective tax liability dating back to their original departure date, the IGM said.
If they would have fulfilled this one-year obligation they would have been treated by the Inland Revenue as a non-resident for tax purposes.
In a letter written to the chancellor, Brian Friedman, partner at Ernst & Young and president of the IGM asked for ‘an early announcement to give relief from unexpected and unforeseen tax bills for British expatriates who are now repatriated, pursuant to the advice given by the Foreign and Commonwealth Office in relation to the Iraq crisis’.
Friedman said concessions should be subject to two limitations: the person must have been planning on staying long enough to remain non-resident and their should be some kind of geographical restrictions.
According to the FT the Treasury is willing to consider such concessions.
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article