only certain types of income and gains are paid into the account from that point.
Where all the conditions are met, the special mixed fund rules will allow an individual to set aside the transaction by transaction basis of the normal mixed fund rules. Instead, they will be able to aggregate transfers from the account on an annual basis (or part year, if the account is not a qualifying account for the whole of the relevant year).
Individuals who do not meet the conditions to use the simplified mixed fund rules will be required to operate the existing mixed fund rules in full.
Nominating an account is not required by the existing SP1/09 rules. This is needed to enable the special mixed fund rules to be applied to existing accounts (under SP1/09 the special treatment could simply be applied to the new account from the date it was opened). Following consultation the government has also identified a range of simplifications which are included in the Legislation of Statement of Practice 1/09 (SP1/09): summary of responses and draft legislation .
CIPP Comment
The CIPP has member representation on the Expatriates Forum and there is a consultation meeting planned for November to discuss the proposals in the draft legislation. If deemed necessary the Policy team will publish a short survey to gather member views.
In the meantime if any members have any feedback, please do use the comments facility below.
Statutory definition of tax residence
STATUTORY DEFINITION OF TAX RESIDENCE – CONSULTATION RESPONSE
22 June 2012
In June 2011, HM Treasury published a consultation proposing new statutory rules that are easy to use and will provide greater certainty for tax payers.
HM Treasury has published a summary of responses to the 2011 consultation.
This document also sets out the government's proposal to reform ordinary residence and contains draft legislation and further consultation questions. Responses are required by 13 September 2012
The CIPP Policy team will be reading the response in full to ascertain whether or not to publish a membership survey to gather your views.
Statutory definition of tax residence and reform of ordinary residence: a summary of responses
STATUTORY DEFINITION OF TAX RESIDENCE AND REFORM OF ORDINARY RESIDENCE
21 August 2012
CIPP Policy News Journal
12/04/2013, Page 34 of 362
Made with FlippingBook - Online magazine maker