Income outcomes

ELIZABETH FOTHERGILL considers the effect of residence on the income tax liability of savings and investment income.

THE GLOBAL NATURE of UK capital gains tax was considered by Martin Dawson and Chris Holden in their article 'All the world's a stage' (Taxation 28 July 2005 page 467). This article considers the territorial range of UK income tax (IT) highlighting the principles involved and noting some of the similarities and differences between the two taxes. The IT position of individuals is discussed first followed by a consideration of the IT profile of onshore and offshore trusts as well as offshore companies; tax rates and reliefs are not considered.
Income can of course be of various types — employment income savings income rental income trading income etc. This article deals with the principles governing what is referred to as 'savings and investment income'...