Private client briefing for May 2017

All non-dom tax changes included in the FB 2017 are on hold due to insufficient time for scrutiny prior to the general election. The UTT refuses an application to exercise its jurisdiction to suspend the effect of its decision pending an appeal. The principle of equitable mistake has been considered for the first time in Guernsey since the UK Supreme Court decision in Pitt v Holt. HMRC publishes new guidance on the IHT nil rate band. The FTT decided that a double tax treaty can apply where two relevant jurisdictions seek to tax different persons.