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We have our first client who is resident and not domiciled and subject to the new regime in 2009/10.
The texts available seem to refer to the affairs of the wealthy without determining the principles applicable to the following matters.
First how does one determine whether the £2 000 threshold has been breached for the year to 5 April 2010?
A foreign capital gain is determined by the date of the disposal but what about rental and investment income?
The tax years in most foreign countries differ from that in the UK and so if that period is the 12 months to 31 December 2009 then I presume that the UK taxable amount is: 9/12 of the profit to 31 December 2009 and 3/12 of profit to 31 December 2010.
Presumably an estimate of the profit to 31 December 2010 has to be made for this purpose.
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Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
