Camilla Wallace, a partner in the Private Client team, and Henry Moss, a senior associate in the team, have written a full and detailed summary of the UK Statutory Residence Test recently published by Westlaw Insight.
The Statutory Residence Test was brought into force by the Finance Act 2013 and has effect from 6 April 2013. It affects individuals coming to and leaving the UK, and those that do not necessarily live in the UK but have connections here, determining whether such individuals will be liable to UK tax on their income, capital gains, and in some cases, inheritance tax.
The test is the first set of statutory rules that the UK has had on residence and replaces all previous law and guidance. The rules are complex and interpreting them is not straightforward, particularly so whilst the test is in its infancy and a new body of case-law has not yet developed. The Private Client team is happy to help with any enquiries on the Statutory Residence Test and its application to individual circumstances. Please contact Camilla or Henry, or your usual Wedlake Bell adviser, for further information.
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.