Tax Aware

Taxing crypto: When is a currency not a currency?

For UK tax purposes, HMRC view cryptoassets as neither currency nor money. Sale of cryptoassets may thus trigger capital gains tax. HMRC have started to pursue those they think are non-compliant.

EIS Relief: Pipped to the Post

EIS relief is available to certain taxpayers buying share in certain "trading companies". The Tax Tribunal have held that companies that outsource their trading activities may still be viewed as "trading".

SDLT: HMRC consultation on Multiple Dwellings Relief and mixed use properties

HMRC have launched a consultation on potentially restricting SDLT reductions for those claiming Multiple Dwelling Relief, and for transfers of "mixed use" properties.

Seeing Double: How do tax treaties restrict double taxation?

With effective tax planning, Double Tax Treaties can be used to effectively reduce double taxation, provided the relevant conditions are satisfied in the context of the specific taxpayer and the relevant profit.

Tax investigatory powers extended to directors of dissolved companies

The new Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 continues the trend of greater corporate governance burdens being placed on directors. Directors of dissolved companies can now also be investigated.

UK income tax charged on share options exercised by non-UK residents

In a recent case, the Court of Appeal has held that the right to acquire securities arises at the moment a share option is granted, not when it vests. The tax residence of the taxpayer at the time of the grant may therefore dictate their UK tax liability.

Tax Aware FAQ: I am a US citizen living in the UK – when and how should I pay my taxes?

As a US expatriate living in the UK, this article outlines exactly what you need to know about filing a US (and UK) tax returns to avoid double taxation.