Further debate on the domicile issue..

Posted on August 13, 2007 by Barry Hallam

An article by Vannessa Houlder in the FT this morning has sparked further debate on the question of Domicile for UK tax purposes.  This was picked up by

Richard Murphy on his Blog.

Over the weekend it was reported that the Pope was likely to enter the tax avoidance debate be pronouncing against, amongst other things, the use of  “tax havens” and offshore bank accounts by wealthy individuals.

It seems that the debate is moving to a higher authority..



                                                      

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Capital loss scheme defeated

Posted on July 11, 2007 by Barry Hallam
A tax avoidance scheme to generate a loss for capital gains tax purposes has been defeated by the Special Commissioners. The scheme involved the acquisition of a second hand life insurance policy which was subsequently surrendered realising a capital loss. This took place in 2001 and, as the Special Commissioner Sir Stephen Oliver points out, much of the legislation referred to in his decision has been substantially changed since 2000/2001. This is another example of how contrived tax schemes are not tolerated. Full details of the decision, which was released this week, can be found on the Tax Tribunals Website
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