Sophie Dworetzsky writes for Tax Journal on the proposed new foreign income and gains (FIG) regime announced in the UK budget
In the first Budget given by a Labour government in 14 years, the end of the remittance basis, which has existed in the UK tax system since the introduction of income tax by Pitt the Younger in 1799, was definitively confirmed.
A key question is whether the proposed new foreign income and gains (FIG) regime will be as internationally competitive as the remittance basis, despite its flaws, has been. And if, in turn, FIG will help drive growth, the stated focus of this Budget.
Sophie Dworetzsky, Private Client Partner, considers the above in an article for Tax Journal.
She covers:
- FIG and fairness
- Temporary repatriation facility
- IHT – tails and trouble
- What's next
Read the full piece in Tax Journal here (subscription required).
