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December 2012

Statutory residence test

It was announced in the 2011 budget and supported in the 2012 budget that legislation is due to be introduced for April 2013 to provide a statutory residence test for individuals from 2013-14.

This new legislation will provide for a tax year to be split into a UK part and an overseas part (in certain circumstances), and contain new rules for the taxation of certain income and gains during a period of temporary non-residence.

For further details about the statutory residence test please see our summary of the Autumn statement (page 4 &5), and for more information on this please contact our tax department on either 02476 518 555 or 0121 711 2468.