United Kingdom

Details

  • Service: Tax, Employment Issues, Personal Tax, Budget 2014
  • Type: Press release
  • Date: 19/03/2014

Budget 2014: UK income tax goes international 

Commenting on moves to reduce tax avoidance by individuals employed in the UK and other ‘low tax’ jurisdictions Marc Burrows, UK Head of International Executive Services at KPMG, says:

“Proposals to reduce tax avoidance by individuals employed across more than one geography have thrown up some surprising results.

 

“With today’s announcement, UK resident employees who have both UK and an offshore employment contracts in a ‘low tax’ country, can expect to pay the UK rate of tax on all of their employment income. Employees whose offshore contract is in a country with a “comparable” tax regime to the UK, will also benefit from paying the rate of tax applicable in that country, which can be up to 35% less than the UK rate of tax.

 

“Although we fully expected low tax countries such as Hong Kong, Singapore or the Channel Islands to be affected by the Chancellor’s announcement, it seems that countries where the tax regime is perceived as comparable to the UK, will also be caught.  Some EU States and parts of Canada now appear to fall foul of the changes.”


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For further information please contact:

KPMG Press office
Tel:  +44 (0) 207 694 8773
Mike Petrook, KPMG Corporate Communications
Mobile: +44 (0)7917 384 576

mike.petrook@kpmg.co.uk


About KPMG:

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity an

 

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Mike Petrook

Mike Petrook

Senior PR Manager - Management & Risk Consulting, Public Sector & Technology

KPMG in the UK

020 7311 5271 / 07917 384576

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