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Download Wealth Management Planning: The UK Tax Principles by Malcolm James Finney PDF

By Malcolm James Finney

Wealth administration making plans addresses the most important united kingdom tax concerns affecting wealth administration making plans for either the united kingdom domiciled and non-UK domiciled person. It explains, with quite a few labored useful examples, the rules underpinning the 3 major taxes: source of revenue tax; capital earnings tax; and inheritance tax. it truly is aimed toward these considering delivering recommendation within the box of wealth administration making plans together with solicitors, accountants, monetary planners, deepest bankers, trustees, scholars of tax and legislations and the layman looking extensive knowledge. 

The fresh Finance Acts 2006 and 2008, particularly, have changed considerably the tax ideas in key components acceptable to wealth administration making plans. those new tax ideas are all addressed intimately during this ebook and comprise the pre and put up Finance Act 2006 inheritance tax therapy of trusts; the hot publish Finance Act 2008 place of abode ideas; and the recent Finance Act 2008 ideas acceptable to non-domiciled contributors and the tax remedy of off shore trusts.

In view of the more and more overseas nature of wealth administration making plans the ebook makes an attempt to put the united kingdom tax principles in a world context addressing such matters as: the function of wills within the overseas enviornment; the consequences of the ecu; the suitability of off shore monetary centres; and the function and use of double taxation agreements.

Appendices compile important fabric produced through HMRC and a close bibliography for the reader is additionally included.

  “ This booklet offers accomplished insurance to the advanced topic of taxation for monetary Planners. it is going to be very helpful to all these monetary Planners who desire to expand their studying and reference and wish to meet the desires of clients”. NICK CANN, leader government OF THE INSTITUTE of monetary PLANNING.

“ during this booklet, Malcolm Finney offers a accomplished precis of the united kingdom tax ideas in straight forward language and with many sensible examples. it's a awesome success to place incomprehensible tax laws into such conveniently comprehensible phrases; somebody advising on wealth administration will locate this to be a useful advisor to the subject”. MALCOLM GUNN, advisor, SQUIRE, SANDERS & DEMPSEY

“ the writer demonstrates massive ability in explaining complex tax ideas in a fashion that makes them effortless to assimilate and comprehend. The booklet comprises bankruptcy summaries, invaluable Appendices and diverse labored examples, which offer a truly transparent, valuable clarification of a few tough tax principles. The book’s contents disguise huge components of the tax procedure, and but offer adequate technical intensity to be a helpful element of reference for these curious about wealth administration and monetary planning”. MARK McLAUGHLIN, MARK McLAUGHLIN affiliates, handling EDITOR OF TAXATIONWEB 

“ A worthy new textual content explaining the tax remedy appropriate to monetary making plans items and methods for united kingdom domiciled people (UK resident or expats) and non domiciled united kingdom citizens. This booklet could be of curiosity to a large readership starting from scholars of legislation and tax, the layman looking intensive wisdom and execs together with solicitors, accountants, monetary planners, deepest bankers and trustees. Malcolm is to be recommended on distilling an enormous quantity of particular fabric right into a logical and good ordered framework”. ANDREW PENNEY, dealing with DIRECTOR, ROTHSCHILD belief company LTD

“ Malcolm Finney’s booklet is stimulating, cutting edge and refreshingly sensible. someone short of both a high-level knowing of tax rules desirous about wealth administration or a deeper perception may still learn this book”. JACOB RIGG, HEAD OF coverage, SOCIETY OF belief AND property PRACTITIONERS, STEP WORLDWIDE

“ This ebook provides complete insurance to the complex topic of taxation for monetary Planners. many purchasers more and more have varied and intricate wishes usually spanning various financial regimes and to satisfy their ambitions and ambitions desire a better point of help. This booklet might be very necessary to all these monetary Planners who desire to expand their studying and reference and wish to meet the wishes of such consumers .” STEPHER ARTHUR, BARRISTER, LINCOLN’S hotel

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Extra info for Wealth Management Planning: The UK Tax Principles

Sample text

It is most likely to apply where the individual has moved from one country to another (possibly with the sole or main objective of mitigating taxes). SUMMARY It is important to recognise that each country’s tax system may vary significantly from that of other countries. The rules applicable in the UK are thus not necessarily reflected elsewhere. Typically, the taxes levied by a country will include some form of income tax on income; capital gains tax on capital gains; and death tax and/or gift tax arising on death and/or lifetime gifts.

Thus, some countries do levy their capital gains tax on disposals of assets situated within their country by non-residents while other countries do not. In the case of the UK, for example, a non-UK resident is not subject to capital gains tax on the disposal of UK situs assets (unless the asset(s) form part of a UK-based trade or business). 5 Joe America Junior, a US resident, has sold a number of his UK equity investments. Even though the assets sold are UK situs no UK capital gains tax charge arises on the sales.

G. Finance Acts 2006 and 2008). g. an inheritance tax liability would require, inter alia, an examination of, in particular, the Inheritance Tax Act 1984, Finance Act 1986 and Finance Act 2006). CAPITAL V. INCOME DISTINCTION The UK’s tax system distinguishes between transactions which give rise to income and those which give rise to capital gains. The former is subject to income tax and the latter subject to capital gains tax; two totally separate taxes. As a very broad general rule, capital rather than income treatment was pre FA 2008 more “tax’’ favourable (primarily due to the availability of taper relief which only applies to capital gains and not income; see Chapter 8).

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