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9 Cards in this Set
- Front
- Back
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Types of domicile |
1. Domicile from origin 2. Domicile by choice 3. Deemed domicile 4. Domicile of dependency (under 16) |
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Domicile |
Where some has their permanent home |
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When are you considered deemed domicile for IT and CGT? |
1. UK resident for 15 out of last 20 years 2. Born in the UK and domicile of origin in UK and as long as you are UK resident in current tax year and one of the previous 2 tax years |
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Implications of Domicile in UK? |
1. Liabile to UK IT and CGT on worldwide income and capital gains |
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SINGLE COMPANY TRADING LOSS Offset loss against? |
Offset loss against total income before QCDs in current period |
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SINGLE COMPANY TRADING LOSS What can loss also be offset against? |
Carried forward against total income in the future |
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SINGLE COMPANY TRADING LOSS After offsetting against current period |
Remaining loss can be carried back 12 months against total income before QCDs |
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SINGLE COMPANY TRADING LOSSES If claim carried forward? |
Partial claims are allowed but we get tax relief in future Order of loss relief: 1. Total income current period 2. Carry back 12 ms total income 3. Carry forward total income |
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SINGLE COMPANY TRADING LOSSES On cessation? |
On cessation of trade no carry forward possible so instead terminal loss relief claimed and loss can be carried back 36ms LIFO against total income before QCDs |
