Garry Bell and Rebecca Turnbull presented at the PwC new UK residence rules taxation seminar in Jersey on 26 March 2013. It was held to discuss the impact of the much publicised UK changes to the taxation of residential property held in offshore structures.
The test brings some much needed certainty to this area however it is difficult to apply an objective standard to an area as inherently subjective as residence. On looking at the draft law and discussing real situations we are coming across a number of practical issues for those people with UK connections. It is important that people with UK connections are aware of the practical implications of the new rules.
The presentation attached gives some highlights that were covered during the seminar. If you have any queries, please do not hesitate to contact Garry Bell, Rebecca Turnbull or your usual PwC contact.