Podcast Location:
Download it here [file size: 19.3 MB]
Categories:
Tax Law
CPD Points:
Up to 1 point. details »

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Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
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Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
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Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

Continue the in-depth analysis of the new remittance regime introduced by the Finance Act 2008. The new approach to 'Source-ceasing' and other loopholes which have been closed by the new regime are also explored. Temporary non-residence provisions have also changed and this podcast aims to fully explore these new provisions, as well as the new scheme for valuing assets for remittance purposes.

Outcomes:
After completing the course you will:
  • Know how the rules regarding remittance have been changed by the Finance Act 2008;
  • Understand what is meant by 'source-ceasing';
  • Be alive to the new meaning of temporary residence;
  • Understand who is a 'relevant person' under the new rules;
  • Distinguish between 'gift recipients' and recipients under the 'connected operations' provisions;
  • Know the new process for calculating the value of assets for the purpose of remittance;
  • Understand how mixed funds are treated by the new regime.
Level:
Specialist Difficulty: 5 of 5
Classification:
Legislative Updates
Practical Guide
Sources and References:
  • Finance Act 2008.
Tags:

In part 2 of this two-part series on the new tax rules as they apply to non-domiciled individuals, Hui Ling McCarthy explains in detail the new remittance regime as it affects offshore income, trusts and companies. The concept of a 'relevant person' has been dramatically adjusted, and several of the old loopholes in the law have been closed. In addition, the means used to calculate the value of a remittance have been dramatically altered, with severe consequence for tax planning before April 2009. This is explained with the help of useful examples and commentary.

Podcast Added: 20/02/2009

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