Always read to the end!

It may come as a surprise to many but in order to have Case IV and V income assessed on a remittance basis for non-UK domiciled individuals a claim must be made annually to the Board of Inland Revenue. Recent changes wrought by the Income Tax Trading and Other Income Act 2005 and HMRC's procedures to reflect the changes may have a significant effect on some taxpayers.

Reading new legislation may not be the most riveting activity in the world but it can be a mistake not to read it all the way to the end. There may be a sting in the tail at the end of an Act and indeed this is the case with ITTOIA 2005. Sections 831 and 832 reproduced alongside may be towards the end of a long Act and may appear fairly innocuous but for many clients...