UK:
Statutory Residency Test
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The statutory residence test originally announced in Budget 2011
is to be implemented. No further details have been announced since
the consultation document in December 2011, however the Government
plans to publish draft legislation after Budget 2012 following the
public consultation last year.
Who will be affected?
Individuals who spend time in the UK or who are looking to leave
the UK.
When?
The Government will legislate the statutory definition of
residence in Finance Bill 2013, taking effect from 6 April
2013.
Our view
The current rules that determine tax residence for individuals
are unclear and complex. This has been demonstrated in a number of
recent high profile tax cases. A statutory residence test for
individuals will provide greater clarity.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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