Asylum Bill - Tax Implications?
Among measures in the new Asylum and Nationality Bill, which commenced its passage through Parliament in the House of Commons in June, is a little-publicised proposal which may affect people with assets or income arising abroad.
The part of the Bill that allows the easier sharing of information between border agencies will also give HM Revenue and Customs (HMRC) easier access to passenger information regarding foreign travel. This in turn will make it easier to show ‘physical presence’ in countries, which can be a crucial determinant of being ‘tax resident’ for income tax purposes for a year of assessment. The previous regime, under which exits from the UK were not recorded, had made this more difficult.
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