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<big>[https://www.kessler.co.uk James Kessler's] ''Private Client Taxation'' 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, 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%">
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<big>'''Contents'''</big>
 
<big>'''Contents'''</big>
  
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[[Update]]
+
'''[[Update]]'''
  
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:[[Introduction]]
+
:''[[Introduction]]''
  
−
:[[Dedication]]
+
:''[[Dedication]]''
  
−
:'''''<span style="font-size:106%"> Mobile Individuals Policy & Avoidance</span>'''''
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:'''''<span style="font-size:87%">Mobile Individuals Policy & Avoidance</span>'''''
  
 
:1  [[Mobile Individuals: Tax Policy]]
 
:1  [[Mobile Individuals: Tax Policy]]
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:3  [[Targeted Anti-Avoidance Rules (TAARs)]]
 
:3  [[Targeted Anti-Avoidance Rules (TAARs)]]
  
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:'''''<span style="font-size:106%">Residence</span>'''''
+
:'''''<span style="font-size:87%">Residence</span>'''''
  
 
:4  [[Residence of Individuals]]
 
:4  [[Residence of Individuals]]
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:11  [[UK Arrival or Departure: Tax Checklist]]
 
:11  [[UK Arrival or Departure: Tax Checklist]]
  
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:'''''<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]]
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:14  [[Income Recognition: Receive/Entitled/Arise/Paid]]
 
:14  [[Income Recognition: Receive/Entitled/Arise/Paid]]
  
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:'''''<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]]
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:19  [[Mixed Funds]]
 
:19  [[Mixed Funds]]
  
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:'''''<span style="font-size:106%">Income by Category</span>'''''
+
:'''''<span style="font-size:87%">Income by Category</span>'''''
  
 
:20  [[Trading Income]]
 
:20  [[Trading Income]]
  
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:20A [[Cessations & Trading Stock]]
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:21 [[Cessations & Trading Stock]]
  
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:21 [[Trading in Land]]
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:22 [[Trading in Land]]
  
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:22 [[Performers]]
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:23 [[Performers]]
  
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:23 [[Property Income]]
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:24 [[Property Income]]
  
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:24 [[Deduction of interest from Property Income]]
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:25 [[Deduction of interest from Property Income]]
  
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:25 [[Interest Income]]
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:26 [[Interest Income]]
  
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:26 [[Exempt Interest of Non-Residents]]
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:27 [[Exempt Interest of Non-Residents]]
  
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:27 [[Accrued Income Profits]]
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:28 [[Accrued Income Profits]]
  
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:28 [[Deeply Discounted Securities]]
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:29 [[Deeply Discounted Securities]]
  
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:29 [[Dividend Income]]
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:30 [[Dividend Income]]
  
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:30 [[Corporation Tax on Company Distributions]]
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:31 [[Corporation Tax on Company Distributions]]  
  
−
:31 [[Annual Payments]]
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:32 [[Annual Payments]]
  
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:32 [[Intellectual Property Income]]
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:33 [[Intellectual Property Income]]
  
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:33 [[Misc Sweep-Up Income]]
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:34 [[Misc Sweep-Up Income]]
  
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:'''''<span style="font-size:106%">Employment Income</span>'''''
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:'''''<span style="font-size:87%">Employment Income</span>'''''
  
−
:34 [[Employment Income]]
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:35 [[Employment Income]]
  
−
:35 [[Travel Expenses]]
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:36 [[Travel Expenses]]  
  
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:36 [[PAYE]]
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:37 [[PAYE]]
  
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:37 [[Disguised Remuneration/Trading Income]]
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:38 [[Disguised Remuneration/Trading Income]]
  
−
:38 [[Employment Income: DT Relief]]
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:39 [[Employment Income: DT Relief]]
  
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:39 [[Benefit in Kind: Family Home and Chattels]]
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:40 [[Benefit in Kind: Family Home and Chattels]]
  
−
:40 [[Loans from Companies]]
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:41 [[Loans from Companies]]
  
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:'''''<span style="font-size:106%">IT: General</span>'''''
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:'''''<span style="font-size:87%">IT: General</span>'''''
  
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:41 [[Discretionary Trusts: Income Tax]]
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:42 [[Discretionary Trusts: Income Tax]]
  
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:42 [[IIP Trusts: Income Tax]]
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:43 [[IIP Trusts: Income Tax]]
  
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:43 [[Rates of Income Tax/CGT]]
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:44 [[Rates of Income Tax/CGT/CT]]
  
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:44 [[Personal Allowances]]
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:45 [[Personal Allowances]]
  
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:45 [[Non-Resident Income Tax Relief]]
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:46 [[Non-Resident Income Tax Relief]]
  
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:46 [[National Insurance Contributions]]
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:47 [[National Insurance Contributions]]
  
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:'''''<span style="font-size:106%">IT Avoidance Codes</span>'''''
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:'''''<span style="font-size:87%">IT Avoidance Codes</span>'''''
  
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:47 [[Settlor-interested Trust Code]]
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:48 [[Settlor-interested Trust Code]]
  
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:48 [[Transfer of Assets Abroad: Introduction]]
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:49 [[Transfer of Assets Abroad: Introduction]]
  
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:49 [[Transfer of Assets Abroad: Transferors]]
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:50 [[Transfer of Assets Abroad: Transferors]]
  
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:50 [[Transfer of Assets Abroad: Benefits]]
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:51 [[Transfer of Assets Abroad: Benefits]]
  
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:51 [[Transfer of Assets Abroad: Relief from Overlapping Charges]]
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:52 [[Transfer of Assets Abroad: Relief from Overlapping Charges]]
  
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:52 [[Transfer of Assets Abroad: Motive Defence]]
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:53 [[Transfer of Assets Abroad: Motive Defence]]
  
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:53 [[Profit Fragmentation]]
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:54 [[Pre-2025 Protected Trust Income]]
  
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:54 [[Transfer of Income Streams]]
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:55 [[Profit Fragmentation]]
  
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:55 [[Transactions in Securities]]
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:56 [[Transfer of Income Streams]]
  
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:'''''<span style="font-size:106%">Capital Gains Tax</span>'''''
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:57  [[Transactions in Securities]]
  
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:56  [[Chargeable Gains]]
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:'''''<span style="font-size:87%">Capital Gains Tax</span>'''''
  
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:57 [[UK Property Held by Non-Residents]]
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:58 [[Chargeable Gains]]
  
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:57A [[Liquidation of Companies]]
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:59  [[UK Property Held by Non-Residents]]
  
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:58  [[Reorganisations]]
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:60 [[Hold-over Relief]]
  
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:59  [[Residential Property: CGT]]
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:61 [[Liquidation of Companies]]
  
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:60 [[Gains of Non-Resident Settlor-Interested Trusts: s.86]]
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:62 [[Reorganisations]]
  
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:61 [[Capital Payments from Non-Resident Trusts: s.87 Code]]
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:63 [[Residential Property: CGT]]
  
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:62 [[Borrowing by Non-Resident Trust: Sch 4B]]
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:64 [[Gains of Non-Resident Settlor-Interested Trusts: s.86]]
  
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:63 [[Sub-Funds]]
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:65 [[Capital Payments from Non-Resident Trusts: s.87 Code]]
  
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:64 [[Gains of Non-Resident Companies]]
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:66 [[Borrowing by Non-Resident Trust: Sch 4B]]
  
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:65 [[Capital Losses]]
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:67 [[Sub-Funds]]
  
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:'''''<span style="font-size:106%">Funds</span>'''''
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:68  [[Gains of Non-Resident Companies]]
  
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:66 [[Funds: Terms & Concepts]]
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:69 [[Capital Losses]]
  
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:67  [[Offshore Income Gains]]
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:'''''<span style="font-size:87%">Funds</span>'''''
  
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:68 [[Income from Offshore Funds]]
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:70 [[Funds: Terms & Concepts]]
  
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:69 [[Unit Trusts & Transparent Funds]]
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:71 [[Offshore Income Gains]]
  
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:70 [[Life Policies and Contracts]]
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:72 [[Income from Offshore Funds]]
  
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:71 [[Intermediated Securities]]
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:73 [[Unit Trusts & Transparent Funds]]
  
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:'''''<span style="font-size:106%">Investment Management</span>'''''
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:74  [[Life Policies and Contracts]]
  
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:72 [[Investment Manager Exemptions]]
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:75 [[Intermediated Securities]]
  
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:73  [[Carried Interest/Investment Management Fees: Introduction]]
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:'''''<span style="font-size:87%">Investment Management</span>'''''
  
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:74 [[Carried Interest]]
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:76 [[Investment Manager Exemptions]]
  
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:75 [[Investment Management Fees]]
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:77 [[Carried Interest/Investment Management Fees: Introduction]]
  
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:'''''<span style="font-size:106%">Inheritance Tax</span>'''''
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:78  [[Carried Interest]]
  
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:76 [[IHT Terms and Concepts]]
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:79 [[Investment Management Fees]]
  
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:77  [[Excluded Property: Definition]]
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:'''''<span style="font-size:87%">Inheritance Tax</span>'''''
  
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:78 [[Excluded Property Exemptions]]
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:80 [[IHT Terms and Concepts]]
  
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:79 [[Wills and IOVs]]
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:81 [[Normal Expenditure Relief]]
  
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:80 [[Reservation of Benefit]]
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:82 [[Excluded Property: Definition]]
  
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:81 [[Inter-Trust Transfers: IHT]]
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:83 [[Excluded Property Exemptions]]
  
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:82 [[IHT Treatment of Debts]]
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:84 [[Wills and IOVs]]
  
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:83 [[IHT Close-Company Code]]
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:85 [[Reservation of Benefit]]
  
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:84 [[IHT Residential-Property Code]]
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:86 [[Inter-Trust Transfers: IHT]]
  
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:85 [[Pre-Owned Assets]]
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:87 [[IHT Treatment of Debts]]
  
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:'''''<span style="font-size:106%">Partnerships</span>'''''
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:88  [[IHT Close-Company Code]]
  
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:86 [[Partnerships]]
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:89 [[IHT Residential-Property Code]]
  
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:87 [[Partnership Income: Allocation]]
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:90 [[Pre-Owned Assets]]
  
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:88  [[Salaried Members Code]]
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:'''''<span style="font-size:87%">Partnerships</span>'''''
  
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:89 [[Partnerships CGT]]
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:91 [[Partnerships]]
  
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:'''''<span style="font-size:106%">Entities</span>'''''
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:92  [[Partnership Income: Allocation]]
  
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:90 [[Settlement, Bare Trust, and Associated Terminology]]
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:93 [[Salaried Members Code]]
  
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:91 [[Estates of Deceased Persons: CGT]]
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:94 [[Partnerships CGT]]
  
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:92  [[Estates of Deceased Persons: Income Tax]]
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:'''''<span style="font-size:87%">Entities</span>'''''
  
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:93 [[Foreign Entities]]
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:95 [[Settlement, Bare Trust, and Associated Terminology]]
  
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:94 [[Hybrid Entities]]
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:96 [[Estates of Deceased Persons: CGT]]
  
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:'''''<span style="font-size:106%">Pensions & Employment Benefit Trusts</span>'''''
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:97  [[Estates of Deceased Persons: Income Tax]]
  
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:95 [[Pension and Annuity Income]]
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:98 [[Foreign Entities]]
  
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:96 [[Employer-Financed Retirement Benefits Scheme]]
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:99 [[Hybrid Entities]]
  
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:97  [[Pension IHT]]
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:'''''<span style="font-size:87%">Pensions & Employment Benefit Trusts</span>'''''
  
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:'''''<span style="font-size:106%">Topics affecting more than one tax</span>'''''
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:100  [[Pension and Annuity Income]]
  
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:98 [[Pre-2025 Protected Trust Income]]
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:101 [[Employer-Financed Retirement Benefits Scheme]]
  
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:99 [[Non-Resident Spouse]]
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:102 [[Pension IHT]]
  
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:100 [[Joint Accounts]]
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:'''''<span style="font-size:87%">Topics Affecting More Than One Tax</span>'''''
  
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:101 [[Foreign Currency Issues]]
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:103 [[Non-Resident Spouse]]
  
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:102 [[Cryptoassets]]
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:104 [[Joint Accounts]]
  
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:103 [[Unremittable Assets]]
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:105 [[Foreign Currency Issues]]
  
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:104 [[ATED and SDLT]]
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:106 [[Cryptoassets]]
  
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:105 [[Who is the Settlor?]]
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:107 [[Unremittable Assets]]
  
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:106 [[Multiple Settlors]]
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:108 [[ATED and SDLT]]
  
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:107 [[Statutory Tax Indemnities]]
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:109 [[Who is the Settlor?]]
  
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:108 [[Situs of Assets for IHT]]
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:110 [[Multiple Settlors]]
  
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:109 [[Situs of Assets for CGT]]
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:111 [[Statutory Tax Indemnities]]
  
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:110 [[Control Connected Close and Related Expressions]]
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:112 [[Situs of Assets for IHT]]
  
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:111 [[Participation, % Investment & Material Interest Tests]]
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:113 [[Situs of Assets for CGT]]
  
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:112 [[Permanent Establishment]]
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:114 [[Control Connected Close and Related Expressions]]
  
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:'''''<span style="font-size:106%">Double Taxation Agreements: IT/CGT</span>'''''
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:115 [[Participation, % Investment & Material Interest Tests]]
  
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:113 [[Double Taxation Arrangements: Introduction]]
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:116 [[Permanent Establishment]]
  
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:114 [[DTA Anti-abuse Rules]]
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:'''''<span style="font-size:87%">Double Taxation Agreements: IT/CGT</span>'''''
  
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:115 [[Third Party Relief/Savings Clause]]
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:117 [[Double Taxation Arrangements: Introduction]]
  
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:116 [[Limitation on Benefits]]
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:118 [[DTA Anti-abuse Rules]]
  
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:117 [[Credit for Foreign Tax]]
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:119 [[Third Party Relief/Savings Clause]]
  
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:118 [[Non-discrimination]]
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:120 [[Limitation on Benefits]]
  
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:119 [[Mutual Agreement Procedure]]
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:121[[Credit for Foreign Tax]]
  
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:'''''<span style="font-size:106%">Double Taxation Agreements: IHT</span>'''''
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:122 [[Non-discrimination]]
  
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:120 [[IHT Double Taxation Treaties: Introduction]]
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:123 [[Mutual Agreement Procedure]]
  
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:121 [[IHT DTAs: India, Pakistan, Italy, France]]
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:'''''<span style="font-size:87%">Double Taxation Agreements: IHT</span>'''''
  
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:122 [[IHT DTA: South Africa]]
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:124 [[IHT Double Taxation Treaties: Introduction]]
  
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:123 [[IHT DTA: USA]]
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:125 [[IHT DTAs: India, Pakistan, Italy, France]]
  
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:124 [[IHT DTA: Netherlands]]
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:126 [[IHT DTA: South Africa]]
  
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:125 [[IHT DTA: Switzerland]]
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:127 [[IHT DTA: USA]]
  
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:126 [[Credit for Foreign IHT]]
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:128 [[IHT DTA: Netherlands]]
  
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:'''''<span style="font-size:106%">Administration</span>'''''
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:129 [[IHT DTA: Switzerland]]
  
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:127 [[Reporting and Compliance]]
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:130 [[Credit for Foreign IHT]]
  
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:128 [[Tax Return Filing Position]]
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:'''''<span style="font-size:87%">Administration</span>'''''
  
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:129 [[Claims]]
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:131 [[Reporting and Compliance]]
  
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:130 [[Collection of IT/CGT from UK Representatives]]
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:132 [[Tax Return Filing Position]]
  
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:131 [[Reporting and Compliance: IHT]]
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:133 [[Claims]]
  
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:132 [[Penalties]]
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:134 [[Collection of IT/CGT from UK Representatives]]
  
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:133 [[Failure to Prevent Tax Evasion]]
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:135 [[Collection of Tax Across Borders]]
  
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:134 [[Reporting Offshore Trusts]]
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:136 [[Reporting and Compliance: IHT]]
  
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:135 [[International Movement of Capital: Reports]]
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:137 [[Penalties]]
  
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:'''''<span style="font-size:106%">CRS & Money Laundering</span>'''''
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:138 [[Failure to Prevent Tax Evasion]]
  
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:136 [[Common Reporting Standard]]
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:139 [[Reporting Offshore Trusts]]
  
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:137 [[Trust Registration (TRS)]]
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:140 [[International Movement of Capital: Reports]]
  
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:138 [[Customer Due Diligence]]
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:'''''<span style="font-size:87%">CRS & Money Laundering</span>'''''
  
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:139 [[Money Laundering: POCA]]
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:141 [[Common Reporting Standard]]
  
 +
:142 [[Trust Registration (TRS)]]
  
 +
:143 [[Customer Due Diligence]]
  
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:'''<big>Appendices</big>'''
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:144 [[Money Laundering: POCA]]
  
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:'''''<span style="font-size:106%">Words & Concepts</span>'''''
+
 
 +
:'''Appendices'''
 +
 
 +
:'''''<span style="font-size:87%">Words & Concepts</span>'''''
  
 
:[[Appendix 1 Words of Dispute]]
 
:[[Appendix 1 Words of Dispute]]
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:[[Appendix 7 Beneficial Ownership/Entitlement]]
 
:[[Appendix 7 Beneficial Ownership/Entitlement]]
  
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: [[Appendix 8 Domicile]]
+
:[[Appendix 8 Domicile]]
  
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:'''''<span style="font-size:106%">Statutory Construction</span>'''''
+
:'''''<span style="font-size:87%">Statutory Construction</span>'''''
  
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:[[Appendix 9 Purposive Construction]]
+
:[[Appendix 9 Construction of Tax Statutes]]
  
 
:[[Appendix 10 Substance and Reality]]
 
:[[Appendix 10 Substance and Reality]]
Line 368: Line 375:
 
:[[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]]
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:[[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 397: Line 404:
  
  
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<big>'''2025/26 edition'''</big>
+
<big>'''2026/27 edition'''</big>
 +
 
 +
----
  
−
The 2025/26 edition of ''Kessler on Private Client Taxation'' is available online and in paper format.  The online version is the better choice as it has been updated since the paper version went to print and continues to be updated.
+
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 420: Line 429:
 
<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]. 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.  
+
Users can also [[contribute to the text]] and if you can add anything, or spot anything that needs to be corrected, please do!  A free subscription to the next edition of this work 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>

Latest revision as of 14:41, 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
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.

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Introduction
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