Tag Archives: UK

ILN Today Post

New immigration rules will force UK banks to search bank accounts for illegal migrants

Since the introduction of the Immigration Act 2014, banks and building societies have been prohibited from opening current accounts for individuals who are in the UK illegally. The Immigration Act 2016 goes one step further, with the introduction of multiple measures to prevent illegal migrants from continuing to operate existing current accounts. The Act gives the important responsibility of identifying these migrants to banks and building societies, which must, upon establishing that a client is an illegal migrant, contact the Home Office which will take further action.

These developments have been introduced with the intention of making it harder to live a settled life unlawfully in the UK and to incentivise voluntary departure from the UK.

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UK tax legislation update: taxation of non-doms

 

Over the past couple of years, the Government has placed non-doms on notice of its intention to change the way in which they and their offshore trusts are taxed for UK tax purposes.  Now finally all previously trailed provisions have been reintroduced into draft legislation, so here is a brief reminder of the main provisions affecting the personal taxation of non-doms, with some practical pointers.  All of the following measures can be found in the Finance (No.2) Bill 2017:
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Bankers should not become immigration officers

Theresa May’s aim of creating in Britain “a really hostile environment for illegal migration” is embodied in two pieces of legislation, both of which could have damaging consequences for many individuals and create a wider risk of discrimination against legal migrant workers.

The Immigration Act 2016 requires banks and building societies to check accounts and prevent continued access to banking for illegal migrants. The act also delegates to the Treasury the power to make regulations determining how the regime would work in practice.

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The New Telecommunications Code: are you equipped?

After a long wait, the new Electronic Communications Code is due to come into force at the end of this year or early 2018. The new Code is a complete replacement of the existing Telecoms Code, introducing new procedures and timescales. Thekla Fellas gives an overview of the main changes to the Code and how the new procedures will work.

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Tax and the gig economy

The ‘gig economy’ has been very much in the news in recent months. While much of the political attention has been focused on the employment effects of this phenomenon, the implications for UK tax are wide-ranging and hugely significant.

What is the gig economy?

The name refers to the general trend of workers using an online platform to source small on-demand pieces of work (gigs) for which they are paid on a self-employed basis, rather than working for a typical employer. A related development is the sharing economy (generating income by the sharing of assets such as through Airbnb).

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Internal investigations and the limits of privilege

The High Court recently ruled, in a landmark case brought by the Serious Fraud Office (SFO), that the Eurasian Natural Resources Corporation (ENRC) must hand over documents generated by an internal investigation by the company, including notes taken by lawyers of interviews with ENRC’s employees.

The SFO’s application was made in the course of its ongoing criminal investigation relating to ENRC’s activities in Kazakhstan and Africa. As part of its investigation, the SFO sought to compel ENRC to produce a range of documents which ENRC claimed were protected by litigation privilege. However, ENRC’s argument failed at the first hurdle.

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Can you disinherit your children if you want to?

You may recall that, a couple of years ago, the English press was full of reports of the Will case of Ilott v Mitson.  (For some background on the case, see my 2015 and 2017 blogs about it.) 

The case was of interest to any testator who is considering cutting out children from their Will.  However the Ilott case has now been applied in the more recent case of Nahajec v Fowle [2017] EW Misc 11 (CC), in which another impecunious child applied to the court and was successful in obtaining provision from her father’s estate, contrary to her father’s express wish that she should receive nothing.  So what can the Nahajec case teach us about whether it is possible, even, for parents to successfully exclude adult children from receiving any inheritance from them?
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IHT Residence Nil Rate Band: depending on downsizing?

This article is taken from Helena Luckhurst’s blog The Wealth Lawyer UK

HMRC have published new guidance covering the downsizing provisions of the Residence Nil Rate Band (RNRB) (click here for a link to it). This will be of interest to advisers looking for a relatively straightforward introduction to this aspect of the RNRB which may be suitable for forwarding on to clients.

Whenever individuals interested in their IHT planning downsize, gift or sell a property, the impact on the availability of the RNRB should be considered.

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The risk of uninsured risks

Almost all leases include an obligation on the landlord to insure the building.  The main reason for this is that the landlord has a capital interest in the building and wants to control its state of repair by way of insurance and service charge rent.  Additionally, where the building has several tenants, it is far simpler for the landlord to arrange the insurance than to leave it to the various tenants.  The lease will list the ‘insured risks’ which the landlord has an obligation to insure against.  These will include the standard risks such as fire, explosion, storm, impact by vehicles or planes, etc.  In a fully repairing and insuring (FRI) lease, the tenant has an obligation to keep the property in good (and substantial) repair and condition, but this will usually exclude any damage caused by an insured risk.  This means that if the property is damaged by an insured risk, the tenant does not need to repair the damage (which is only fair seeing as the tenant is paying the insurance premium and otherwise would effectively be paying twice), the landlord must reinstate and the rent under the lease is suspended until the property has been reinstated.

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IHT Residence Nil Rate Band: depending on downsizing?

HMRC have published new guidance covering the downsizing provisions of the Residence Nil Rate Band (RNRB) (click here for a link to it).  This will be of interest to advisers looking for a relatively straightforward introduction to this aspect of the RNRB which may be suitable for forwarding on to clients.
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