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Tuesday, March 13, 2012
Individual becomes resident while in the UK on holiday
The First-tier Tribunal has determined that a taxpayer became resident while in the UK on holiday. Accordingly, when he disposed of shares shortly after departing from the UK, he disposed of them as a UK resident and therefore incurred a substantial capital gains tax liability.The appellant worked in Japan. It was accepted that he was not resident in the UK before 17 July 2005. On 17 July 2005, the appellant left Japan and returned to the UK for a holiday with his family. This was a common annual event. He departed the UK for Italy on 30 July 2005 for another holiday. He sold his shares on 12 August 2005 realising a substantial gain. The appellant returned to the UK on 28 August 2005 with the intention of residing here permanently. HMRC conceded the availability of extra-statutory concession A11 (ESC A11), which treats taxpayers that arrive part way through a tax year as resident from the point residence is established rather than for the whole of the tax year. Read more... posted by Charles Monat Associates at 9:09 AM
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