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The dust is continuing to settle on what was an all-encompassing first budget delivered by Rachel Reeves, which saw the most widespread changes ever to the UK taxation of UK resident non-doms (still a current term until 5 April 2025!) and the trust structures they are connected to, many of which you administer.

The Government’s economic objective is to build a strong economy and fair society, where there is opportunity and security for all... as long as you are a working person (which seems not to include employers, entrepreneurs, the middle class, the wealthy or foreigners).

It is less than two weeks now until 30 October 2024 when the UK Chancellor, Rachel Reeves, will outline Labour’s economic and fiscal plans in the 2024 Autumn Budget to Parliament.

“We simply don’t take enough in tax to fund the public services our community demands” says Lyndon Trott, president of the policy and resources committee (‘P&R’).

Following their landslide election victory, the new Labour government will be keen to implement the policies which were included in their election manifesto and backed up by various key speeches from senior party members.

Now more than ever, Revenue Jersey are carrying out a variety of compliance based activities in an effort to minimise Jersey’s tax gap and raise additional revenue for the island.

Non-UK resident companies which are subject to UK Corporate Tax (“UKCT”) through their UK property rental business should now be fairly well adjusted to this tax regime, having transitioned away from the Non-Resident Landlord system from April 2020.

Jeremy Hunt stood up and presented his Autumn Statement with high inflation, high interest rates, lower living standards and a very sluggish economy in the forefront of everyone’s mind.

Guernsey income tax is due by reference to an individual’s residence position. For most people, residence is based on the actual days spent in Guernsey during a calendar year.

The requirements are being extended to fully meet the commitments given to the EU Code of Conduct Group

The International Accounting Standards Board (IASB) has issued ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’ (Amendments to IAS 12).

When Rishi Sunak took centre stage today to deliver the UK budget, it was notable for several reasons.

As another 31 January passes, HMRC have now received the final Non-Resident Landlord ("NRL") returns for non-UK companies that generate income via UK property rental.

The basis period for those who are considered self-employed and non-employed is changing from 2021.

Up until 5 April 2020, non-UK resident entities, which owned UK property investments were taxable on their UK rental income under the Non-Resident Landlord (“NRL”) scheme. Overnight, from 6 April 2020, there was a fundamental shift where such entities were moved into the UK Corporate Tax (“UKCT”) system.

As part of their commitment to adhering to the OECD’s requirements under CRS, both the Jersey and Guernsey authorities are required to undertake audit inspections of financial institutions.