16 March 2022
As we move towards the end of the tax year it is important to consider whether full advantage has been taken of tax planning opportunities available to individuals. And if there are any actions which it is worth taking before 5th April.
Where the individual will reach a residence milestone such as 7 of 9 years and 12 of 14 years and 15 of 20 tax years, there may be transactions that can be undertaken in the current tax year. This may avoid the need for a remittance basis charge to be paid, or ensure that it it benefits from the remittance basis rather than being taxed on the arising basis as a deemed domiciled individual.
Those who are newer to the UK should also consider whether they wish to make a capital loss election. The deadline for this is four years after the end of the tax year for which the remittance basis was first claimed.
If you would like any advice on your year end tax planning please don’t hesitate to get in touch.
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