Welcome to BLP’s Asia Tax and Private Client update, a quick 2 minute ‘speed read’ of the latest private client news.
Welcome to Nisha Chadha
BLP Singapore welcomes senior associate Nisha Chadha from our London office who specialises in trust and UK tax issues. Nisha has significant Asia experience having worked in the region prior to joining BLP in 2009, and is the key contact for any UK tax and private client legal needs.
Guide to Holding UK Residential Property
We have updated our Guide to Holding UK Residential Property - Post Budget 2012, taking into account the draft legislation of the Finance Bill 2013, and the supplemental capital gains tax legislation. As before, the guide addresses the tax position of a range of residential property holding structures on a case by case basis helping you to:
- identify the main tax points and likely solutions for simpler structures; and
- highlight the core tax and other issues, and indicate factors which point towards different potential solutions for more complex structures.
Statutory Residence Test Seminar
From 6 April 2013, the UK will have a new statutory residence test. The new rules include simple automatic tests which can determine residence in many cases. Where those provisions are not sufficient, residence is ascertained by linking the number of days in the UK, to the number of ties a person has in the UK, including family, accommodation, and professional connections.
This is a welcome development, as it will replace the existing outdated common law approach. However, the early aspirations for a clean and simple test were partially undermined by fears of manipulation, leading to some unnecessary complications within the new rules, and a delay from the original proposed 2012 introduction.
Nisha Chadha will be running a short seminar in Singapore in April 2013 to discuss these rules.