The United Kingdom is likely to introduce the statutory definition of tax residence in the Finance Bill 2013.
Sunnyvale, CA, USA, September 3, 2012 - (PressReleasePoint) - The United Kingdom is likely to introduce the statutory definition of tax residence in the Finance Bill 2013. Draft legislation which includes a statutory definition of tax residence will provide clear rules for taxpayers; the same has been published after considering public views. The British Government also intends to bring in reforms to the concept of ordinary residence.Statutory Definition of Tax residence: Background
As the current rules that determine tax residence for taxpayers are very ambiguous, the UK Government announced to introduce a statutory definition of tax residence providing clear rules to taxpayers in the 2011 budget.
Statutory Definition of Tax residence: Consultation
The consultation proposed new rules and sought views on its design and implementation from individuals, advisors, businesses and representative bodies who would be affected or from those who were interested to share their views.
The consultation was concerned with issues of tax residence in the UK for individuals. Also, the HM Revenue and Customs (HMRC) has proposed to provide an online tool enabling individuals to self assess their residence status.
Statutory Definition of Tax residence: Consultation Responses
The UK Government received views from individuals and organisations and after considering the views expressed, the British Government published an abstract of responses to the Statutory Definition of Tax Residence consultation in conjunction with the draft legislation in 2012. The UK Government?s latest document includes:
? Government?s proposal to end ordinary residence,
? retention of overseas workday relief, and
? the draft legislation.
Statutory Definition of Tax residence: Draft Legislation
After publishing the draft legislation, the British Government has invited all interested parties? responses.
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