Difference between revisions of "Main Page"

From PCT Online 2026-27
Jump to: navigation, search
 
(42 intermediate revisions by 2 users not shown)
Line 1: Line 1:
−
<big>This site is the successor to [https://www.kessler.co.uk James Kessler's]''Taxation of Non-Residents and Foreign Domiciliaries''.  The reforms of the FA 2025, which one might summarise as the abolition of domicile, have required a new title.  But the approach of this work is unaltered.  It seeks to provide as much information as possible about the UK taxation of individuals and trusts, the broad topic known as private client tax.  Discussion includes:
+
<big>[https://www.kessler.co.uk James Kessler's] ''Private Client Taxation'' aims to set out a comprehensive discussion of private client taxation.  Discussion includes:
 
# Income Tax, CGT and IHT on individuals and trusts
 
# Income Tax, CGT and IHT on individuals and trusts
 
# The territorial limits of UK tax (now based on residence, situs and source)  
 
# The territorial limits of UK tax (now based on residence, situs and source)  
 
# Other topics arising in this context, including tax avoidance, disclosure and compliance
 
# Other topics arising in this context, including tax avoidance, disclosure and compliance
  
−
This is a wide set of subjects, but in taxation, as in life, everything is connected.
+
This is a wide subject, or set of subjects, but in taxation, as in life, everything is connected.
 +
 
 +
''PCT Online'' is the successor to ''Taxation of Non-Residents and Foreign Domiciliaries''.  The reforms of the FA 2025, which one might summarise as the abolition of domicile, required a new title.  But the approach of this work is unaltered.
  
 
<div style="float: left; width: 33%">
 
<div style="float: left; width: 33%">
Line 16: Line 18:
 
:[[Dedication]]
 
:[[Dedication]]
  
−
:'''''<span style="font-size:106%"> Mobile Individuals Policy & Avoidance</span>'''''
+
:'''''<span style="font-size:87%">Mobile Individuals Policy & Avoidance</span>'''''
  
 
:1  [[Mobile Individuals: Tax Policy]]
 
:1  [[Mobile Individuals: Tax Policy]]
Line 24: Line 26:
 
:3  [[Targeted Anti-Avoidance Rules (TAARs)]]
 
:3  [[Targeted Anti-Avoidance Rules (TAARs)]]
  
−
:'''''<span style="font-size:106%">Residence</span>'''''
+
:'''''<span style="font-size:87%">Residence</span>'''''
  
 
:4  [[Residence of Individuals]]
 
:4  [[Residence of Individuals]]
Line 42: Line 44:
 
:11  [[UK Arrival or Departure: Tax Checklist]]
 
:11  [[UK Arrival or Departure: Tax Checklist]]
  
−
:'''''<span style="font-size:106%">Income Tax: Principles</span>'''''
+
:'''''<span style="font-size:87%">Income Tax: Principles</span>'''''
  
 
:12  [[Income and its Categorisation]]
 
:12  [[Income and its Categorisation]]
Line 50: Line 52:
 
:14  [[Income Recognition: Receive/Entitled/Arise/Paid]]
 
:14  [[Income Recognition: Receive/Entitled/Arise/Paid]]
  
−
:'''''<span style="font-size:106%">FIG Relief: TRF & Former Remittance Basis</span>'''''
+
:'''''<span style="font-size:87%">FIG Relief: TRF & Former Remittance Basis</span>'''''
  
 
:15  [[FIG Relief & Overseas Workday Relief]]
 
:15  [[FIG Relief & Overseas Workday Relief]]
Line 62: Line 64:
 
:19  [[Mixed Funds]]
 
:19  [[Mixed Funds]]
  
−
:'''''<span style="font-size:106%">Income by Category</span>'''''
+
:'''''<span style="font-size:87%">Income by Category</span>'''''
  
 
:20  [[Trading Income]]
 
:20  [[Trading Income]]
  
−
:21 [[Trading in Land]]
+
:21 [[Cessations & Trading Stock]]
  
−
:22  [[Performers]]
+
:22  [[Trading in Land]]
  
−
:23  [[Property Income]]
+
:23  [[Performers]]
  
−
:24  [[Deduction of interest from Property Income]]
+
:24  [[Property Income]]
  
−
:25  [[Interest Income]]
+
:25  [[Deduction of interest from Property Income]]
  
−
:26  [[Exempt Interest of Non-Residents]]
+
:26  [[Interest Income]]
  
−
:27  [[Accrued Income Profits]]
+
:27  [[Exempt Interest of Non-Residents]]
  
−
:28  [[Deeply Discounted Securities]]
+
:28  [[Accrued Income Profits]]
  
−
:29  [[Dividend Income]]
+
:29  [[Deeply Discounted Securities]]
  
−
:30  [[Corporation Tax on Company Distributions]]
+
:30  [[Dividend Income]]
  
−
:31  [[Annual Payments]]
+
:31  [[Corporation Tax on Company Distributions]]  
  
−
:32  [[Intellectual Property Income]]
+
:32  [[Annual Payments]]
  
−
:33  [[Misc Sweep-Up Income]]
+
:33  [[Intellectual Property Income]]
  
−
:'''''<span style="font-size:106%">Employment Income</span>'''''
+
:34  [[Misc Sweep-Up Income]]
  
−
:34  [[Employment Income]]
+
:'''''<span style="font-size:87%">Employment Income</span>'''''
  
−
:35  [[Travel Expenses: Employment Income]]
+
:35  [[Employment Income]]
  
−
:36  [[PAYE]]
+
:36  [[Travel Expenses]] ''name''
  
−
:37  [[Disguised Remuneration/Trading Income]]
+
:37  [[PAYE]]
  
−
:38  [[Employment Income: DT Relief]]
+
:38  [[Disguised Remuneration/Trading Income]]
  
−
:39  [[Benefit in Kind: Family Home and Chattels]]
+
:39  [[Employment Income: DT Relief]]
  
−
:40  [[Loans from Companies]]
+
:40  [[Benefit in Kind: Family Home and Chattels]]
  
−
:'''''<span style="font-size:106%">IT: General</span>'''''
+
:41  [[Loans from Companies]]
  
−
:41  [[Discretionary Trusts: Income Tax]]
+
:'''''<span style="font-size:87%">IT: General</span>'''''
  
−
:42  [[IIP Trusts: Income Tax]]
+
:42  [[Discretionary Trusts: Income Tax]]
  
−
:43  [[Rates of Income Tax/CGT]]
+
:43  [[IIP Trusts: Income Tax]]
  
−
:44  [[Personal Allowances]]
+
:44  [[Rates of Income Tax/CGT/CT]]
  
−
:45  [[Non-Resident Income Tax Relief]]
+
:45  [[Personal Allowances]]
  
−
:46  [[National Insurance Contributions]]
+
:46  [[Non-Resident Income Tax Relief]]
  
−
:'''''<span style="font-size:106%">IT Avoidance Codes</span>'''''
+
:47  [[National Insurance Contributions]]
  
−
:47  [[Settlor-interested Trust Code]]
+
:'''''<span style="font-size:87%">IT Avoidance Codes</span>'''''
  
−
:48  [[Transfer of Assets Abroad: Introduction]]
+
:48  [[Settlor-interested Trust Code]]
  
−
:49  [[Transfer of Assets Abroad: Transferors]]
+
:49  [[Transfer of Assets Abroad: Introduction]]
  
−
:50  [[Transfer of Assets Abroad: Benefits]]
+
:50  [[Transfer of Assets Abroad: Transferors]]
  
−
:51  [[Transfer of Assets Abroad: Relief from Overlapping Charges]]
+
:51  [[Transfer of Assets Abroad: Benefits]]
  
−
:52  [[Transfer of Assets Abroad: Motive Defence]]
+
:52  [[Transfer of Assets Abroad: Relief from Overlapping Charges]]
  
−
:53  [[Profit Fragmentation]]
+
:53  [[Transfer of Assets Abroad: Motive Defence]]
  
−
:54  [[Transfer of Income Streams]]
+
:54  [[Pre-2025 Protected Trust Income]]
  
−
:55  [[Transactions in Securities]]
+
:55  [[Profit Fragmentation]]
  
−
:'''''<span style="font-size:106%">Capital Gains Tax</span>'''''
+
:56  [[Transfer of Income Streams]]
  
−
:56 [[Chargeable Gains]]
+
:57 [[Transactions in Securities]]
  
−
:57  [[UK Property Held by Non-Residents]]
+
:'''''<span style="font-size:87%">Capital Gains Tax</span>'''''
  
−
:58  [[Reorganisations]]
+
:58  [[Chargeable Gains]]
  
−
:59  [[Residential Property: CGT]]
+
:59  [[UK Property Held by Non-Residents]]
  
−
:60 [[Gains of Non-Resident Settlor-Interested Trusts: s.86]]
+
:60 [[Hold-over Relief]]
  
−
:61 [[Capital Payments from Non-Resident Trusts: s.87 Code]]
+
:61 [[Liquidation of Companies]]
  
−
:62  [[Borrowing by Non-Resident Trust: Sch 4B]]
+
:62  [[Reorganisations]]
  
−
:63  [[Sub-Funds]]
+
:63  [[Residential Property: CGT]]
  
−
:64  [[Gains of Non-Resident Companies]]
+
:64  [[Gains of Non-Resident Settlor-Interested Trusts: s.86]]
  
−
:65  [[Capital Losses]]
+
:65  [[Capital Payments from Non-Resident Trusts: s.87 Code]]
  
−
:'''''<span style="font-size:106%">Funds</span>'''''
+
:66  [[Borrowing by Non-Resident Trust: Sch 4B]]
  
−
:66 [[Funds: Terms & Concepts]]
+
:67 [[Sub-Funds]]
  
−
:67 [[Offshore Income Gains]]
+
:68 [[Gains of Non-Resident Companies]]
  
−
:68 [[Income from Offshore Funds]]
+
:69 [[Capital Losses]]
  
−
:69  [[Unit Trusts]]
+
:'''''<span style="font-size:87%">Funds</span>'''''
  
−
:70  [[Life Policies and Contracts]]
+
:70  [[Funds: Terms & Concepts]]
  
−
:71  [[Intermediated Securities]]
+
:71  [[Offshore Income Gains]]
  
−
:'''''<span style="font-size:106%">Investment Management</span>'''''
+
:72  [[Income from Offshore Funds]]
  
−
:72 [[Investment Manager Exemptions]]
+
:73 [[Unit Trusts & Transparent Funds]]
  
−
:73 [[Carried Interest/Investment Management Fees: Introduction]]
+
:74 [[Life Policies and Contracts]]
  
−
:74 [[Carried Interest]]
+
:75 [[Intermediated Securities]]
  
−
:75  [[Investment Management Fees]]
+
:'''''<span style="font-size:87%">Investment Management</span>'''''
  
−
:'''''<span style="font-size:106%">Inheritance Tax</span>'''''
+
:76  [[Investment Manager Exemptions]]
  
−
:76 [[IHT Terms and Concepts]]
+
:77 [[Carried Interest/Investment Management Fees: Introduction]]
  
−
:77 [[Excluded Property: Definition]]
+
:78 [[Carried Interest]]
  
−
:78 [[Excluded Property Exemptions]]
+
:79 [[Investment Management Fees]]
  
−
:79  [[Wills and IOVs]]
+
:'''''<span style="font-size:87%">Inheritance Tax</span>'''''
  
−
:80  [[Reservation of Benefit]]
+
:80  [[IHT Terms and Concepts]]
  
−
:81  [[Inter-Trust Transfers: IHT]]
+
:81  [[Normal Expenditure Relief]]
  
−
:82  [[IHT Treatment of Debts]]
+
:82  [[Excluded Property: Definition]]
  
−
:83  [[IHT Close-Company Code]]
+
:83  [[Excluded Property Exemptions]]
  
−
:84  [[IHT Residential-Property Code]]
+
:84  [[Wills and IOVs]]
  
−
:85  [[Pre-Owned Assets]]
+
:85  [[Reservation of Benefit]]
  
−
:'''''<span style="font-size:106%">Partnerships</span>'''''
+
:86  [[Inter-Trust Transfers: IHT]]
  
−
:86 [[Partnerships]]
+
:87 [[IHT Treatment of Debts]]
  
−
:87 [[Partnership Income: Allocation]]
+
:88 [[IHT Close-Company Code]]
  
−
:88 [[Salaried Members Code]]
+
:89 [[IHT Residential-Property Code]]
  
−
:89 [[Partnerships CGT]]
+
:90 [[Pre-Owned Assets]]
  
−
:'''''<span style="font-size:106%">Entities</span>'''''
+
:'''''<span style="font-size:87%">Partnerships</span>'''''
  
−
:90 [[Settlement, Bare Trust, and Associated Terminology]]
+
:91 [[Partnerships]]
  
−
:91 [[Estates of Deceased Persons: CGT]]
+
:92 [[Partnership Income: Allocation]]
  
−
:92 [[Estates of Deceased Persons: Income Tax]]
+
:93 [[Salaried Members Code]]
  
−
:93 [[Foreign Entities]]
+
:94 [[Partnerships CGT]]
  
−
:94  [[Hybrid Entities]]
+
:'''''<span style="font-size:87%">Entities</span>'''''
  
−
:'''''<span style="font-size:106%">Pensions & Employment Benefit Trusts</span>'''''
+
:95  [[Settlement, Bare Trust, and Associated Terminology]]
  
−
:95 [[Pension and Annuity Income]]
+
:96 [[Estates of Deceased Persons: CGT]]
  
−
:96 [[Employer-Financed Retirement Benefits Scheme]]
+
:97 [[Estates of Deceased Persons: Income Tax]]
  
−
:97 [[Pension IHT]]
+
:98 [[Foreign Entities]]
  
−
:'''''<span style="font-size:106%">Topics affecting more than one tax</span>'''''
+
:99  [[Hybrid Entities]]
  
−
:98  [[Pre-2025 Protected Trust Income]]
+
:'''''<span style="font-size:87%">Pensions & Employment Benefit Trusts</span>'''''
  
−
:99 [[Non-Resident Spouse]]
+
:100 [[Pension and Annuity Income]]
  
−
:100 [[Joint Accounts]]
+
:101  [[Employer-Financed Retirement Benefits Scheme]]
  
−
:101 [[Foreign Currency Issues]]
+
:102  [[Pension IHT]]
  
−
:102 [[Cryptoassets]]
+
:'''''<span style="font-size:87%">Topics affecting more than one tax</span>'''''
  
−
:103 [[Unremittable Assets]]
+
:103 [[Non-Resident Spouse]]
  
−
:104 [[ATED and SDLT]]
+
:104 [[Joint Accounts]]
  
−
:105 [[Who is the Settlor?]]
+
:105 [[Foreign Currency Issues]]
  
−
:106 [[Multiple Settlors]]
+
:106 [[Cryptoassets]]
  
−
:107 [[Statutory Tax Indemnities]]
+
:107 [[Unremittable Assets]]
  
−
:108 [[Situs of Assets for IHT]]
+
:108 [[ATED and SDLT]]
  
−
:109 [[Situs of Assets for CGT]]
+
:109 [[Who is the Settlor?]]
  
−
:110 [[Control Connected Close and Related Expressions]]
+
:110 [[Multiple Settlors]]
  
−
:111 [[Participation, % Investment & Material Interest Tests]]
+
:111 [[Statutory Tax Indemnities]]
  
−
:112 [[Permanent Establishment and Branch/Agency]]
+
:112 [[Situs of Assets for IHT]]
  
−
:'''''<span style="font-size:106%">Double Taxation Agreements: IT/CGT</span>'''''
+
:113 [[Situs of Assets for CGT]]
  
−
:113 [[Double Taxation Arrangements: Introduction]]
+
:114 [[Control Connected Close and Related Expressions]]
  
−
:114 [[DTA Anti-abuse Rules]]
+
:115 [[Participation, % Investment & Material Interest Tests]]
  
−
:115 [[Third Party Relief/Savings Clause]]
+
:116 [[Permanent Establishment]]
  
−
:116 [[Limitation on Benefits]]
+
:'''''<span style="font-size:87%">Double Taxation Agreements: IT/CGT</span>'''''
  
−
:117 [[Credit for Foreign Tax]]
+
:117 [[Double Taxation Arrangements: Introduction]]
  
−
:118 [[Non-discrimination]]
+
:118 [[DTA Anti-abuse Rules]]
  
−
:119 [[Mutual Agreement Procedure]]
+
:119 [[Third Party Relief/Savings Clause]]
  
−
:'''''<span style="font-size:106%">Double Taxation Agreements: IHT</span>'''''
+
:120 [[Limitation on Benefits]]
  
−
:120 [[IHT Double Taxation Treaties: Introduction]]
+
:121[[Credit for Foreign Tax]]
  
−
:121 [[IHT DTAs: India, Pakistan, Italy, France]]
+
:122 [[Non-discrimination]]
  
−
:122 [[IHT DTA: South Africa]]
+
:123 [[Mutual Agreement Procedure]]
  
−
:123 [[IHT DTA: USA]]
+
:'''''<span style="font-size:87%">Double Taxation Agreements: IHT</span>'''''
  
−
:124 [[IHT DTA: Netherlands]]
+
:124 [[IHT Double Taxation Treaties: Introduction]]
  
−
:125 [[IHT DTA: Switzerland]]
+
:125 [[IHT DTAs: India, Pakistan, Italy, France]]
  
−
:126 [[Credit for Foreign IHT]]
+
:126 [[IHT DTA: South Africa]]
  
−
:'''''<span style="font-size:106%">Administration</span>'''''
+
:127 [[IHT DTA: USA]]
  
−
:127 [[Reporting and Compliance]]
+
:128 [[IHT DTA: Netherlands]]
  
−
:128 [[Tax Return Filing Position]]
+
:129 [[IHT DTA: Switzerland]]
  
−
:129 [[Claims]]
+
:130 [[Credit for Foreign IHT]]
  
−
:130 [[Collection of IT/CGT from UK Representatives]]
+
:'''''<span style="font-size:87%">Administration</span>'''''
  
−
:131 [[Reporting and Compliance: IHT]]
+
:131 [[Reporting and Compliance]]
  
−
:132 [[Penalties]]
+
:132 [[Tax Return Filing Position]]
  
−
:133 [[Failure to Prevent Tax Evasion]]
+
:133 [[Claims]]
  
−
:134 [[Reporting Offshore Trusts]]
+
:134 [[Collection of IT/CGT from UK Representatives]]
  
−
:135 [[International Movement of Capital: Reports]]
+
:135 [[Collection of Tax Across Borders]]
  
−
:'''''<span style="font-size:106%">CRS & Money Laundering</span>'''''
+
:136 [[Reporting and Compliance: IHT]]
  
−
:136 [[Common Reporting Standard]]
+
:137 [[Penalties]]
  
−
:137 [[Trust Registration (TRS)]]
+
:138 [[Failure to Prevent Tax Evasion]]
  
−
:138 [[Customer Due Diligence]]
+
:139 [[Reporting Offshore Trusts]]
  
−
:139 [[Money Laundering: POCA]]
+
:140 [[International Movement of Capital: Reports]]
 +
 
 +
:'''''<span style="font-size:87%">CRS & Money Laundering</span>'''''
 +
 
 +
:141 [[Common Reporting Standard]]
 +
 
 +
:142 [[Trust Registration (TRS)]]
 +
 
 +
:143 [[Customer Due Diligence]]
 +
 
 +
:144 [[Money Laundering: POCA]]
  
  
Line 338: Line 350:
 
:'''<big>Appendices</big>'''
 
:'''<big>Appendices</big>'''
  
−
:'''''<span style="font-size:106%">Words & Concepts</span>'''''
+
:'''''<span style="font-size:87%">Words & Concepts</span>'''''
  
 
:[[Appendix 1 Words of Dispute]]
 
:[[Appendix 1 Words of Dispute]]
Line 354: Line 366:
 
:[[Appendix 7 Beneficial Ownership/Entitlement]]
 
:[[Appendix 7 Beneficial Ownership/Entitlement]]
  
−
: [[Appendix 8 Domicile]]
+
:[[Appendix 8 Domicile]]
  
−
:'''''<span style="font-size:106%">Statutory Construction</span>'''''
+
:'''''<span style="font-size:87%">Statutory Construction</span>'''''
  
−
:[[Appendix 9 Purposive Construction of Tax Statutes]]
+
:[[Appendix 9 Construction of Tax Statutes]]
  
 
:[[Appendix 10 Substance and Reality]]
 
:[[Appendix 10 Substance and Reality]]
Line 364: Line 376:
 
:[[Appendix 11 Deeming Provisions]]
 
:[[Appendix 11 Deeming Provisions]]
  
−
:'''''<span style="font-size:106%">Special Taxpayers</span>'''''
+
:'''''<span style="font-size:87%">Special Taxpayers</span>'''''
  
 
:[[Appendix 12 Parliamentarians]]
 
:[[Appendix 12 Parliamentarians]]
Line 378: Line 390:
 
:[[Appendix 17 Continental Shelf]]
 
:[[Appendix 17 Continental Shelf]]
  
−
:'''''<span style="font-size:106%">Tax Reform</span>'''''
+
:'''''<span style="font-size:87%">Tax Reform</span>'''''
  
 
:[[Appendix 18 How to Improve Private Client Taxation]]
 
:[[Appendix 18 How to Improve Private Client Taxation]]
Line 393: Line 405:
  
  
−
<big>'''2025/26 edition'''</big>
+
<big>'''2026/27 edition'''</big>
  
−
The 2025/26 edition of ''Kessler on Private Client Taxation'' is available online and will be published in paper in August.  The online version is the better choice as it has been updated since the paper version went to print and will continue to be updated during the year.
+
The 2026/27 edition of ''Kessler on Private Client Taxation'' is now online.  It has been substantially updated for the FA 2026 and other developments since last year, and online publication of chapters remaining to be updated will be phased in over the next few weeks.
  
 
To access PCT online, you will need an online licence. To obtain this, go to  
 
To access PCT online, you will need an online licence. To obtain this, go to  
Line 408: Line 420:
 
Without logging in, you can access:
 
Without logging in, you can access:
  
−
Chapter 1 [[Mobile Individuals: Tax Policy]]<br/>Chapter 2 [[Tax Avoidance]]
+
[[Introduction]]<br/>Chapter 1 [[Mobile Individuals: Tax Policy]]<br/>Chapter 2 [[Tax Avoidance]]
  
 
You enter this site once you have registered and [[Special:Userlogin| logged in]] by clicking on the index on the left, or you can search the text.
 
You enter this site once you have registered and [[Special:Userlogin| logged in]] by clicking on the index on the left, or you can search the text.
Line 416: Line 428:
 
<big>'''Comments please'''</big>
 
<big>'''Comments please'''</big>
  
−
Users can also [[contribute to the text]] and if you can add anything, or spot anything that needs to be corrected, please do!  A copy of the next edition of the book will be given to the user who makes the most edits.  User contributions are reviewed by [https://www.taxchambers.com/team/rebecca-sheldon/ Rebecca Sheldon].
+
Users can also [[contribute to the text]] and if you can add anything, or spot anything that needs to be corrected, please do!  A copy of the next edition of the book will be given to the user who makes the most edits.  User contributions are reviewed by [https://www.taxchambers.com/team/rebecca-sheldon/ Rebecca Sheldon]. PCT online is a [http://en.wikipedia.org/wiki/Wiki Wiki] on the lines of [http://en.wikipedia.org Wikipedia], but only registered users can edit the text.
  
 
<big>'''If you want further advice'''</big>
 
<big>'''If you want further advice'''</big>
Line 422: Line 434:
 
If you do not find the answer to your question here, or if you want advice on which you can legally rely, you may instruct James Kessler KC or other members of his chambers to advise.  See [[How to instruct James Kessler KC]].
 
If you do not find the answer to your question here, or if you want advice on which you can legally rely, you may instruct James Kessler KC or other members of his chambers to advise.  See [[How to instruct James Kessler KC]].
  
−
<big>'''Archive editions'''</big>
+
<big>'''Old editions archive'''</big>
  
 
There are [[archive editions]] for years since 2003/04.  These will be useful to investigate the tax position in earlier years, but the current edition will generally be the best starting point, as that has been written in the light of current HMRC guidance, and further thought and research.  
 
There are [[archive editions]] for years since 2003/04.  These will be useful to investigate the tax position in earlier years, but the current edition will generally be the best starting point, as that has been written in the light of current HMRC guidance, and further thought and research.  
Line 436: Line 448:
 
For multiple user licences, or to install on a firm's intranet, [mailto:[email protected]?Subject=TFD%20contact%20publisher%20request%20multiple%20user%20licences contact the publishers].
 
For multiple user licences, or to install on a firm's intranet, [mailto:[email protected]?Subject=TFD%20contact%20publisher%20request%20multiple%20user%20licences contact the publishers].
  
−
<big>'''Technical notes'''</big>
+
<big>'''Resource Archive'''</big>  
−
 
+
−
PCT online is a [http://en.wikipedia.org/wiki/Wiki Wiki] on the lines of [http://en.wikipedia.org Wikipedia], but only registered users can edit the text.
+
−
 
+
−
 
+
−
<big>'''PCT Resource Archive'''</big>  
+
  
−
To access the PCT reference material, click here: [[PCT Resource Archive]]
+
To access material referenced in PCT, click here: [[PCT Resource Archive]]

Latest revision as of 08:25, 20 April 2026

James Kessler's Private Client Taxation aims to set out a comprehensive discussion of private client taxation. Discussion includes:

  1. Income Tax, CGT and IHT on individuals and trusts
  2. The territorial limits of UK tax (now based on residence, situs and source)
  3. Other topics arising in this context, including tax avoidance, disclosure and compliance

This is a wide subject, or set of subjects, but in taxation, as in life, everything is connected.

PCT Online is the successor to Taxation of Non-Residents and Foreign Domiciliaries. The reforms of the FA 2025, which one might summarise as the abolition of domicile, required a new title. But the approach of this work is unaltered.

Contents

Update

Introduction
Dedication
Mobile Individuals Policy & Avoidance
1 Mobile Individuals: Tax Policy
2 Tax Avoidance
3 Targeted Anti-Avoidance Rules (TAARs)
Residence
4 Residence of Individuals
5 Residence of Trustees
6 Residence of Companies
7 Treaty-Residence
8 Split Years
9 Temporary Non-residence
10 Exit Taxes
11 UK Arrival or Departure: Tax Checklist
Income Tax: Principles
12 Income and its Categorisation
13 Source/Territorial Principles
14 Income Recognition: Receive/Entitled/Arise/Paid
FIG Relief: TRF & Former Remittance Basis
15 FIG Relief & Overseas Workday Relief
16 Temporary Repatriation Facility
17 The Remittance Basis
18 Remittance Reliefs
19 Mixed Funds
Income by Category
20 Trading Income
21 Cessations & Trading Stock
22 Trading in Land
23 Performers
24 Property Income
25 Deduction of interest from Property Income
26 Interest Income
27 Exempt Interest of Non-Residents
28 Accrued Income Profits
29 Deeply Discounted Securities
30 Dividend Income
31 Corporation Tax on Company Distributions
32 Annual Payments
33 Intellectual Property Income
34 Misc Sweep-Up Income
Employment Income
35 Employment Income
36 Travel Expenses name
37 PAYE
38 Disguised Remuneration/Trading Income
39 Employment Income: DT Relief
40 Benefit in Kind: Family Home and Chattels
41 Loans from Companies
IT: General
42 Discretionary Trusts: Income Tax
43 IIP Trusts: Income Tax
44 Rates of Income Tax/CGT/CT
45 Personal Allowances
46 Non-Resident Income Tax Relief
47 National Insurance Contributions
IT Avoidance Codes
48 Settlor-interested Trust Code
49 Transfer of Assets Abroad: Introduction
50 Transfer of Assets Abroad: Transferors
51 Transfer of Assets Abroad: Benefits
52 Transfer of Assets Abroad: Relief from Overlapping Charges
53 Transfer of Assets Abroad: Motive Defence
54 Pre-2025 Protected Trust Income
55 Profit Fragmentation
56 Transfer of Income Streams
57 Transactions in Securities
Capital Gains Tax
58 Chargeable Gains
59 UK Property Held by Non-Residents
60 Hold-over Relief
61 Liquidation of Companies
62 Reorganisations
63 Residential Property: CGT
64 Gains of Non-Resident Settlor-Interested Trusts: s.86
65 Capital Payments from Non-Resident Trusts: s.87 Code
66 Borrowing by Non-Resident Trust: Sch 4B
67 Sub-Funds
68 Gains of Non-Resident Companies
69 Capital Losses
Funds
70 Funds: Terms & Concepts
71 Offshore Income Gains
72 Income from Offshore Funds
73 Unit Trusts & Transparent Funds
74 Life Policies and Contracts
75 Intermediated Securities
Investment Management
76 Investment Manager Exemptions
77 Carried Interest/Investment Management Fees: Introduction
78 Carried Interest
79 Investment Management Fees
Inheritance Tax
80 IHT Terms and Concepts
81 Normal Expenditure Relief
82 Excluded Property: Definition
83 Excluded Property Exemptions
84 Wills and IOVs
85 Reservation of Benefit
86 Inter-Trust Transfers: IHT
87 IHT Treatment of Debts
88 IHT Close-Company Code
89 IHT Residential-Property Code
90 Pre-Owned Assets
Partnerships
91 Partnerships
92 Partnership Income: Allocation
93 Salaried Members Code
94 Partnerships CGT
Entities
95 Settlement, Bare Trust, and Associated Terminology
96 Estates of Deceased Persons: CGT
97 Estates of Deceased Persons: Income Tax
98 Foreign Entities
99 Hybrid Entities
Pensions & Employment Benefit Trusts
100 Pension and Annuity Income
101 Employer-Financed Retirement Benefits Scheme
102 Pension IHT
Topics affecting more than one tax
103 Non-Resident Spouse
104 Joint Accounts
105 Foreign Currency Issues
106 Cryptoassets
107 Unremittable Assets
108 ATED and SDLT
109 Who is the Settlor?
110 Multiple Settlors
111 Statutory Tax Indemnities
112 Situs of Assets for IHT
113 Situs of Assets for CGT
114 Control Connected Close and Related Expressions
115 Participation, % Investment & Material Interest Tests
116 Permanent Establishment
Double Taxation Agreements: IT/CGT
117 Double Taxation Arrangements: Introduction
118 DTA Anti-abuse Rules
119 Third Party Relief/Savings Clause
120 Limitation on Benefits
121Credit for Foreign Tax
122 Non-discrimination
123 Mutual Agreement Procedure
Double Taxation Agreements: IHT
124 IHT Double Taxation Treaties: Introduction
125 IHT DTAs: India, Pakistan, Italy, France
126 IHT DTA: South Africa
127 IHT DTA: USA
128 IHT DTA: Netherlands
129 IHT DTA: Switzerland
130 Credit for Foreign IHT
Administration
131 Reporting and Compliance
132 Tax Return Filing Position
133 Claims
134 Collection of IT/CGT from UK Representatives
135 Collection of Tax Across Borders
136 Reporting and Compliance: IHT
137 Penalties
138 Failure to Prevent Tax Evasion
139 Reporting Offshore Trusts
140 International Movement of Capital: Reports
CRS & Money Laundering
141 Common Reporting Standard
142 Trust Registration (TRS)
143 Customer Due Diligence
144 Money Laundering: POCA


Appendices
Words & Concepts
Appendix 1 Words of Dispute
Appendix 2 Common Legal Expressions
Appendix 3 Family Terminology
Appendix 4 Share/Security Terminology
Appendix 5 Consideration, Arm's Length, Full Value
Appendix 6 Commercial/View to Profit
Appendix 7 Beneficial Ownership/Entitlement
Appendix 8 Domicile
Statutory Construction
Appendix 9 Construction of Tax Statutes
Appendix 10 Substance and Reality
Appendix 11 Deeming Provisions
Special Taxpayers
Appendix 12 Parliamentarians
Appendix 13 Visiting Forces
Appendix 14 Diplomats
Appendix 15 Sovereign Immunity
Appendix 16 Students and Teachers
Appendix 17 Continental Shelf
Tax Reform
Appendix 18 How to Improve Private Client Taxation
Appendix 19 Reform of Offshore Anti-Avoidance Law
Appendix 20 Citizenship-based Taxation
Appendix 21 The Wisdom of Parliament



2026/27 edition

The 2026/27 edition of Kessler on Private Client Taxation is now online. It has been substantially updated for the FA 2026 and other developments since last year, and online publication of chapters remaining to be updated will be phased in over the next few weeks.

To access PCT online, you will need an online licence. To obtain this, go to the publishers website or email [email protected] Licences for previous editions are not valid for the current edition.

If you are an academic, student or other non-tax practitioner who wants access for research purposes, contact James Kessler

How to login

Most of this site requires you to login. You may purchase a single or multiple user licence: To obtain these contact the publishers.

Without logging in, you can access:

Introduction
Chapter 1 Mobile Individuals: Tax Policy
Chapter 2 Tax Avoidance

You enter this site once you have registered and logged in by clicking on the index on the left, or you can search the text.

You need to register for the current edition. Registration for an earlier edition is no longer valid.

Comments please

Users can also contribute to the text and if you can add anything, or spot anything that needs to be corrected, please do! A copy of the next edition of the book will be given to the user who makes the most edits. User contributions are reviewed by Rebecca Sheldon. PCT online is a Wiki on the lines of Wikipedia, but only registered users can edit the text.

If you want further advice

If you do not find the answer to your question here, or if you want advice on which you can legally rely, you may instruct James Kessler KC or other members of his chambers to advise. See How to instruct James Kessler KC.

Old editions archive

There are archive editions for years since 2003/04. These will be useful to investigate the tax position in earlier years, but the current edition will generally be the best starting point, as that has been written in the light of current HMRC guidance, and further thought and research.

Contact

If you have technical problems, or problems logging in, click here

To contact James Kessler KC click here

To contact Rebecca Sheldon, who reviews online contributions, click here

For multiple user licences, or to install on a firm's intranet, contact the publishers.

Resource Archive

To access material referenced in PCT, click here: PCT Resource Archive

Retrieved from "https://privateclienttax.co.uk/index.php?title=Main_Page&oldid=44105"