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P6 UK- CONFUSIONS AND Q & A. Discussion.

Forums › ACCA Forums › ACCA ATX Advanced Taxation Forums › P6 UK- CONFUSIONS AND Q & A. Discussion.

  • This topic has 2 replies, 2 voices, and was last updated 9 years ago by bkyal.
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  • August 22, 2016 at 7:44 am #334469
    khalepoto
    Member
    • Topics: 1
    • Replies: 8
    • ☆

    Can any one tell me the meaning or understanding behind this paragraph??

    ”A non-UK resident company which disposes of a residential property may be liable to UK tax on the gain in a similar way to a non-UK individual. However, the disposal by a company of a residential property is excluded from the P6 (UK) syllabus. ”

    Does that mean that disposal by any company of residential property is not examinable??

    October 4, 2016 at 12:01 pm #342366
    bkyal
    Member
    • Topics: 4
    • Replies: 12
    • ☆

    i think it is saying that if any Co. disposes the Residential Property then the same rules will apply as Non UK Individual (Domicile). Domicile Person definition in short is as below:-

    Domicile A person is domiciled in the country in which they have their permanent home.
    Domicile of origin:
    A person acquires a domicile of origin at birth; this is normally the domicile of their father
    Domicile of Dependency:
    Until the age of 16 the domicile dependent of father, if father changes domicile the children also changes domicile.
    Domicile of Choice:
    Individual aged ?16 can change his domicile by his choice but must sever his ties with former domicile country and settle in other country with clear intention permanent residence.

    October 4, 2016 at 12:04 pm #342367
    bkyal
    Member
    • Topics: 4
    • Replies: 12
    • ☆

    Means if an Individual passes domicile test then All Gain (UK + Overseas) is taxable.
    From 6 April 2015, non-UK resident individuals are subject to capital gains tax on the disposal of interests in UK situated residential property.

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