Information Note; Remittance Basis Guidance Note: Statutory Residence Test (SRT) Guidance Note: Overseas Workday Relief (OWR)
An updated RDR1 booklet, covering all these changes will be published later this year.
RDR1 - Residence, domicile and the remittance basis
UK signs automatic tax information sharing agreement with Cayman Islands
7 November 2013
Financial information on UK taxpayers with accounts in the Cayman Islands will now be automatically provided to HMRC.
Following the commitment of all the Overseas Territories earlier this year to sign such agreements, the Cayman Islands are the first Overseas Territory to formalise their agreement with the UK.
There is an interactive timeline which gives an overview of what the government is doing internationally to reduce tax avoidance and evasion.
An important step towards the new global standard to be agreed early next year, financial information on UK taxpayers with accounts in the Cayman Islands will now be automatically provided to HMRC. This will help HMRC to ensure that the correct amount of tax is being paid by those with money in Cayman Islands accounts and increase HMRC’s ability to clamp down on tax evasion.
The announcement follows the agreements signed between the UK and the Crown Dependencies of the Isle of Man, Jersey and Guernsey in October.
The Cayman Islands have also agreed to be part of the G5 multi-lateral information sharing pilot. Initially agreed between the UK, France, Germany, Italy and Spain, the Cayman Islands will join these countries in automatically exchanging information about bank accounts held by taxpayers from their jurisdictions.
In total, 31 jurisdictions have now joined the initiative.
HMT: HMRC press release
Agents acting for inbound expats
22 November 2013
An information bulletin for agents acting for inbound expats has been shared with the CIPP through the Expats Forum.
Information bulletin
Payment on Account (POA) – Modified schemes
Although Payments on Account are not required for individuals included in an EP Appendix 6 Scheme, there is no automatic facility to remove them from the statement where the Tax Return is filed online.
CIPP Policy News Journal
16/04/2014, Page 274 of 519
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