Peter Vaines reports on life, tax & quantitative pleasing
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HMRC has published its long-promised guidance on residence which replaces IR20 and all other Revenue guidance on the subject.
This is substantial and follows broadly the same format. There is also a detailed guidance note on domicile and further lengthy explanations of non-resident settlements (as well as the application of s 739 and 740 of the Income and Corporation Taxes Act 1988 (TA 1988) (now s 714 et seq Income Tax Act 2007). To complete the set we have a big document entitled RDRM—the Residence Domicile and Remittances Manual.
I suppose we have been asking for it—if you will pardon the expression. I guess you would call it “quantitative pleasing”. This needs careful analysis and I will return to it in due course.
Attention: Form withdrawal
Immediately before the new guidance was issued, a press release gave details of some other changes on residence and domicile issues. The first of these is that forms DOM1 are being withdrawn. Now that the remittance basis is no longer mandatory and
