ARTICLES
Changes to UK skilled workers Visa
We reported in September 2016 on the subject of the difficulties Businesses in the UK were experiencing recruiting skilled workers due to the Tier 2 visa programme having reached its cap. However after a comprehensive review the minimum salary for experienced workers applying for this visa is to be increased and there are also plans for increased [...]
IT Pay Caps in the NHS
The National Health Service in the UK has found itself frequently in the news recently for various shortfalls. But are any of these attributable to insufficient IT management. In late 2015 the NHS introduced restrictions in pay rates, the reasoning was to bring contracting IT personnel pay rates more in line with permanent employees, causing [...]
Residence Nil-Band Rate
The introduction of the residence nil-rate band for inheritance tax announced by George Osbourne in July 2015 in the United Kingdom was introduced in stages from 2017 has led to a good deal of questions. Previously inheritance tax was at 40% of anything over £325,000 for a single person. This is doubled for married or civil partners [...]
Is Jersey the Best Fund Administration Centre?
According to the Investment Week Fund Services Awards for three years in a row it was. Although Investment Week Fund Services are not the only entity to recognise Jersey who has also received awards and recognition from the likes of Citywealth IFC and WealthBriefing European. For three years in a row Jersey fought off stiff [...]
India Reforms to FDI Rules
We reported on the 20 February 2016 regarding the Indian government’s decision to reverse retrospective tax on foreign funds. It has long been the case that some foreign companies are reluctant to invest in India due to its unpredictable tax regime, but the government seems to be sticking to its promise to change this. On the 20 July [...]
British Prime Ministers Push For Reforms to Help Contractors
Theresa May the Prime Minister in the United Kingdom has been working the Brexit to her advantage, pushing this as a time for change in order for the United Kingdom to evolve into an ideal of what people want. She has been encouraging businesses and employers to be vocal in order to help this transition. [...]
Predicted Effect of Brexit on Skilled Workers for Ireland
The UK’s decision to leave the EU has led to much speculation over what that will mean for Ireland. If the UK is to tighten its immigration policies it is predicted that this could lead to a huge boost in the number of skilled workers looking to contract abroad whose second language is English choosing [...]
Reform of the Substantial Shareholdings Exemption
Early last year the HM Treasury published its consultation on the potential reform of the Substantial Shareholdings Exemption (SSE). This exempts the disposal of certain types of shares in subsidiaries from corporation tax or capital gains. The reform was considered to increase the UK’s competitiveness and the consultation sought to demonstration of economic benefits that may occur from changes to the regime. Previously the [...]
New Alternative Banking Regime in the Isle of Man
The new Alternative Banking Regime which came into effect on 1 August 2016 allows two additional types of banking licences in relation to deposit taking. The existing ‘Class 1’ in relation to deposit taking is now divided into three sub-classes. Whilst this does not affect existing banks, who will merely fall under Class 1 (1), [...]
Ransomware Attacks on the Increase
A recent survey has said that 54% of businesses surveyed had come under attack from ransomware in the last twelve months. Ransomware essentially encrypts files on a computer or on a network of computers. Companies affected then have to pay the ransom in order to be provided with the decryption key in order to unlock [...]
United Kingdom’s Budget Proposals to Make Private Sector Companies Responsible for Tax Status
On the 2 June 2016 we reported on the March 2016 Budget’s effects on Contractors. In this article we commented on proposals to make public sector bodies responsible for operating tax rules that apply to off-payroll personnel from April 2017. In this article we take a closer look at the full implications of this proposal. [...]
EU Less Attractive for Skilled Expats
According to a report by the OECD the European Union is not getting its fair share of skilled international workers due to its legal policies. As skilled migrants are needed to drive innovation and contribute to productivity growth the report concludes that unless comprehensive measures are undertaken the long term competiveness of the EU is at stake. Whilst a [...]
Cyprus and Latvia Double Taxation Agreement
On the 24th May 2016 Cyprus and the Government of the Republic of Latvia signed the treaty for the avoidance of double taxation on income in Brussels. Cyprus is now approaching having sixty double taxation treaties in force. The agreement covers the Latvian enterprise income tax and personal income tax and the Cypriot income tax, corporate income tax, capital gains tax and [...]
The Cayman Islands 2016 Data Protection Bill
In April 2016 the Cayman Islands released The Data Protection Bill 2016. This bill is designed to balance the rights and duties to safeguard individual’s personal data against public authority requirements. Essentially personal data must comply with the following principles:- Only be communicated if consent has been given, there is a legal obligation or where the data [...]
Gibraltar’s Limited Liability Partnership Act
Earlier last year on the 24th March 2016 the Limited Liability Partnerships Act (‘LLP’) came into force in Gibraltar adding to an already expanding choice of products that Gibraltar has to offer. This is the third type of partnership structure available in Gibraltar and some of the more advantageous aspects of the act are:- A high degree [...]
No Escape from EU Rules for IT Contractors
The decision to exit the EU has raised some interesting questions in the IT world. One of the reasons being promoted in the campaigns to leave the EU was to put an end to being dictated to and forced to abide by rules not necessarily agreed with, but now that it is a reality it is [...]
HMRC not to remove Non-Dom Tax Concession Retrospectively
HMRC had previously planned to retrospectively crack down on loans secured using overseas income or capital gains to purchase UK property. However following a reversal on this many wealthy property owners will be greatly relieved. In August 2014 the HMRC withdrew its concession for foreign income and gains to be used as security for loans [...]
What Expenses are Outside the New Travel and Subsistence Rules
Since the Finance Bill came into force in the United Kingdom on the 6th April 2016 many contractors are asking the question as to what expenses are outside the new rules concerning travel and subsistence. Under the new rules travelling to and from a workplace whether permanent or temporary is no longer deductible. However, the [...]
