HMRC’s Wealthy team is sending letters to taxpayers who they believe should have paid the remittance basis charge for 2022/23. Taxpayers who have been UK residents for 7 out of 9 years, or 12 out of 14 years, must amend their returns and pay a £30,000 or £60,000 charge, or switch to the arising basis, within 60 days. Failure to correct errors may result in penalties, additional tax, and interest.
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The Italian government issued a Decree doubling the flat tax on foreign income and gains from €100,000 to €200,000, with gains from the sale of qualified shareholdings in the first five years still exempt. The Decree takes effect on August 10, 2024, and applies only to individuals transferring tax residency to Italy after this date. Residency is defined as a person’s habitual abode, based on both factual presence and intent. Existing beneficiaries of the €100,000 flat tax are not affected by the increase. The Decree must be converted into law by Parliament within 60 days and may be amended during this process.
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EU Directive implementing mandatory disclosure rules seen as unconstitutional in Poland
Continue readingThe flat tax might be doubling for the rich who transfer their tax residence to Italy.
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On 29 July 2024 the Chancellor of the Exchequer, Rachel Reeves has confirmed the removal of preferential tax treatment based on domicile status for all new foreign income and gains (FIG) that arise from 6 April 2025 and the implementation of a new residence-based regime.
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The UK prime minister’s decision to call a general election for 4 July 2024 means that UK Parliament will be dissolved next Thursday (30 May).
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After Brexit, it became politically fashionable to “abolish res non-dom”.
As from 6 April 2025, there will almost be no more non-domicile. That means there is one last year of the remittance basis and RND regime.
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On March 6th, the UK government unveiled a series of pivotal reforms aimed at steering the nation towards a brighter future. Here are the key announcements from the Spring Budget that may capture your interest:
Replacing Non-UK Domicile tax rules with a residence-based regime
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VERA Group embarks on an exciting journey as our esteemed CEO engages with the dynamic team of Saltwater Sutra in the lively setting of Goa, India.
India stands as one of the world’s swiftest-growing economies, with High Net Worth Individuals (HNWIs) increasingly turning their gaze towards European investments.
VERA Group was honoured to receive an invitation from Alessandro Alunni Bravi to attend the electrifying Kick Sauber event at London’s historic Guildhall on February 5th. It was at this esteemed gathering that the curtains were lifted on Sauber’s latest masterpiece: the C44, marking the dawn of a thrilling new chapter for the Stake F1 Team.
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