The Government has now published the long awaited consultation on its proposals to change the inheritance tax ('IHT') treatment of UK residential property held by foreign domiciled persons alongside further details on the proposed new deemed domicile rules. These rules were first proposed by the then Chancellor, George Osborne, in his post-election Budget in June 2015. Following the shock of Brexit and the political turmoil that followed, there had been rumours that the proposals might be shelved altogether or perhaps postponed by a year, but in the event they are all going ahead as planned and with very few variations from the initial proposals.

Read more: Update on Non-Dom Reforms in the UK

Popov & Partners gave a presentation on “Bulgaria: opportunities for Tax Planning in cooperation with Ukrainian IT business” in a webinar in direct connection with business organizations in Ukraine. The webinar was organized on invitation of OMP Law offices and the Association of Tax Consultants of Ukraine, thanks to the assistance of Bulgarian School of Politics “Dimitry Panitza” and the established contact between its alumni – att. Emiliyan Arnaudov and Robert Korolskiy.

Read more: Popov & Partners participated in a webinar on “Bulgaria: opportunities for Tax Planning in...

Now that the new federal Liberal government’s first budget has been introduced, we can focus our attention on those measures that actually have been put forward rather than on those that everyone speculated might be put forward.

This is particularly the case with entrepreneurs, where it was feared that the small business deduction would be eliminated for many businesses engaged in providing services. The good news is that the small business deduction has not been eliminated for these businesses, but the bad news is that it has been significantly limited.

Read more: Small Business Deduction Survives Budget: Ottawa Proposes Major New Limitations

Contact: Johanna C.C. Caithness; Fillmore Riley LLP (Manitoba, Canada) 

Over the past number of years, it has become increasingly common for Canadians to purchase U.S. vacation home properties. Although purchases of U.S. property by Canadians might be less likely in the foreseeable future due to the nosedive of the Canadian dollar, it is important for existing Canadian owners to be aware of the implications of U.S. property ownership, particularly on death. This article is only a very general overview of some of the rules that affect Canadians owning U.S. vacation property. Note that this article does not deal with rental income, attribution or U.S. tax filing issues.

Read more: The tax implications of a Canadian owning property in the United States

Contact: H. Lee Schwartzberg, Jr.; Schnader Harrison Segal & Lewis LLP (Delaware & Pennsylvania, USA) 

With the April 15 deadline for calendar year Pennsylvania Corporate Tax Report (RCT-101) filers right around the corner, it is worth remembering that the Pennsylvania Capital Stock/Foreign Franchise Tax (“CS/FFT”) has finally been allowed to expire for tax years beginning after December 31, 2015.

Read more: The Pennsylvania Capital Stock Tax is no More––Now What?