Difference between revisions of "Main Page"
From PCT Online 2026-27
| (28 intermediate revisions by 2 users not shown) | |||
| Line 1: | Line 1: | ||
| − | <big>[https://www.kessler.co.uk James Kessler's] ''Private Client Taxation'' | + | <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: | + | :'''''<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: | + | :'''''<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: | + | :'''''<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: | + | :'''''<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: | + | :'''''<span style="font-size:87%">Income by Category</span>''''' |
:20 [[Trading Income]] | :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]] |
| − | : | + | :'''''<span style="font-size:87%">Employment Income</span>''''' |
| − | : | + | :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]] |
| − | : | + | :'''''<span style="font-size:87%">IT: General</span>''''' |
| − | : | + | :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]] |
| − | : | + | :'''''<span style="font-size:87%">IT Avoidance Codes</span>''''' |
| − | : | + | :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]] |
| − | : | + | :'''''<span style="font-size:87%">Capital Gains Tax</span>''''' |
| − | : | + | :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]] |
| − | : | + | :'''''<span style="font-size:87%">Funds</span>''''' |
| − | : | + | :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]] |
| − | : | + | :'''''<span style="font-size:87%">Investment Management</span>''''' |
| − | : | + | :76 [[Investment Manager Exemptions]] |
| − | : | + | :77 [[Carried Interest/Investment Management Fees: Introduction]] |
| − | : | + | :78 [[Carried Interest]] |
| − | : | + | :79 [[Investment Management Fees]] |
| − | : | + | :'''''<span style="font-size:87%">Inheritance Tax</span>''''' |
| − | : | + | :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]] |
| − | :'''''<span style="font-size: | + | :'''''<span style="font-size:87%">Partnerships</span>''''' |
| − | : | + | :91 [[Partnerships]] |
| − | : | + | :92 [[Partnership Income: Allocation]] |
| − | : | + | :93 [[Salaried Members Code]] |
| − | : | + | :94 [[Partnerships CGT]] |
| − | :'''''<span style="font-size: | + | :'''''<span style="font-size:87%">Entities</span>''''' |
| − | : | + | :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]] |
| − | :'''''<span style="font-size: | + | :'''''<span style="font-size:87%">Pensions & Employment Benefit Trusts</span>''''' |
| − | : | + | :100 [[Pension and Annuity Income]] |
| − | : | + | :101 [[Employer-Financed Retirement Benefits Scheme]] |
| − | : | + | :102 [[Pension IHT]] |
| − | :'''''<span style="font-size: | + | :'''''<span style="font-size:87%">Topics affecting more than one tax</span>''''' |
| − | : | + | :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]] |
| − | : | + | :'''''<span style="font-size:87%">Double Taxation Agreements: IT/CGT</span>''''' |
| − | : | + | :117 [[Double Taxation Arrangements: Introduction]] |
| − | : | + | :118 [[DTA Anti-abuse Rules]] |
| − | : | + | :119 [[Third Party Relief/Savings Clause]] |
| − | : | + | :120 [[Limitation on Benefits]] |
| − | : | + | :121[[Credit for Foreign Tax]] |
| − | : | + | :122 [[Non-discrimination]] |
| − | : | + | :123 [[Mutual Agreement Procedure]] |
| − | : | + | :'''''<span style="font-size:87%">Double Taxation Agreements: IHT</span>''''' |
| − | : | + | :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]] |
| − | : | + | :'''''<span style="font-size:87%">Administration</span>''''' |
| − | : | + | :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]] |
| − | :'''''<span style="font-size: | + | :'''''<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 340: | Line 350: | ||
:'''<big>Appendices</big>''' | :'''<big>Appendices</big>''' | ||
| − | :'''''<span style="font-size: | + | :'''''<span style="font-size:87%">Words & Concepts</span>''''' |
:[[Appendix 1 Words of Dispute]] | :[[Appendix 1 Words of Dispute]] | ||
| Line 356: | Line 366: | ||
:[[Appendix 7 Beneficial Ownership/Entitlement]] | :[[Appendix 7 Beneficial Ownership/Entitlement]] | ||
| − | : [[Appendix 8 Domicile]] | + | :[[Appendix 8 Domicile]] |
| − | :'''''<span style="font-size: | + | :'''''<span style="font-size:87%">Statutory Construction</span>''''' |
| − | :[[Appendix 9 | + | :[[Appendix 9 Construction of Tax Statutes]] |
:[[Appendix 10 Substance and Reality]] | :[[Appendix 10 Substance and Reality]] | ||
| Line 366: | Line 376: | ||
:[[Appendix 11 Deeming Provisions]] | :[[Appendix 11 Deeming Provisions]] | ||
| − | :'''''<span style="font-size: | + | :'''''<span style="font-size:87%">Special Taxpayers</span>''''' |
:[[Appendix 12 Parliamentarians]] | :[[Appendix 12 Parliamentarians]] | ||
| Line 380: | Line 390: | ||
:[[Appendix 17 Continental Shelf]] | :[[Appendix 17 Continental Shelf]] | ||
| − | :'''''<span style="font-size: | + | :'''''<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 395: | Line 405: | ||
| − | <big>''' | + | <big>'''2026/27 edition'''</big> |
| − | The | + | 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 | ||
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:
- Income Tax, CGT and IHT on individuals and trusts
- 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
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
- Mobile Individuals Policy & Avoidance
- Residence
- 10 Exit Taxes
- Income Tax: Principles
- FIG Relief: TRF & Former Remittance Basis
- 19 Mixed Funds
- Income by Category
- 23 Performers
- Employment Income
- 36 Travel Expenses name
- 37 PAYE
- IT: General
- IT Avoidance Codes
- Capital Gains Tax
- 67 Sub-Funds
- Funds
- Investment Management
- Inheritance Tax
- Partnerships
- 91 Partnerships
- Entities
- Pensions & Employment Benefit Trusts
- 102 Pension IHT
- Topics affecting more than one tax
- 104 Joint Accounts
- 106 Cryptoassets
- 108 ATED and SDLT
- Double Taxation Agreements: IT/CGT
- Double Taxation Agreements: IHT
- 127 IHT DTA: USA
- Administration
- 133 Claims
- 137 Penalties
- CRS & Money Laundering
- Appendices
- Words & Concepts
- Statutory Construction
- Special Taxpayers
- Tax Reform
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
