Breytenbachs Cross Border Advisory

UK Non-Domiciled Tax Status to end in April 2017

October 4, 2016

In the Summer Budget 2015, the UK Government announced a series of reforms to the way that individuals in the UK with a foreign domicile – also known as non-doms for short, will be taxed in the UK. These proposed changes aim to bring an end to permanent non-dom status for tax purposes and means

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South Africans and Online Shopping Abroad

We are often asked, to what extent may South African Exchange Control (Excon) residents use their credit cards abroad. Herewith the update (29 July 2016) rules as obtained from SA Reserve Bank (FinSurv) manuals issued in terms of circular 7 of 2016. Excon residents living temporarily (i.e. residents not merely on a holiday trip) abroad

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Another satisfied client!

September 28, 2016

“In 2014 I went through the financial emigration process to transfer my retirement annuities from South Africa to the U.K. Throughout the process I sought guidance from professional accountants and advisers to ensure that the correct process was followed. When completing my U.K. tax return the following year, I was unable to find any specific

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South Africans living in the UK – have you declared your offshore funds?

September 22, 2016

The STEP organisation has warned taxpayers of new proposals by the UK tax authorities for non-compliance of declaring offshore affairs. South Africans living in the UK should take note of the fact that HM Revenue and Customs (HMRC) has announced proposals to enforce further sanctions against taxpayers who fail to put their existing or previous

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Importing a second-hand or used vehicle into South Africa

September 14, 2016

South Africa allows the import of a second-hand vehicle into South Africa under certain very specific circumstances. The strict regulation in this regard is to protect the local South African motor vehicle manufacture industry. To import a second-hand vehicle, the person doing so need to obtain a permit. These permits are in most circumstances only

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BCB Experts

August 26, 2016

We want to emphasise to clients once again that it is extremely important that they make use of experts when contemplating emigration. Ensure that your service provider knows the various rules and processes involved in the respective countries from where and to where you will be emigrating. Also, keep in mind that it is not

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Formal Emigration now back in the SA Income Tax Act

August 15, 2016

Clients may recall that the 8 Jan 2016 law amendments created confusion as we all believed or hoped that formal emigration would no longer be a requirement to extract Retirement Annuities (RA’s) before age 55. We made this issue rather public in sending comments to the press, the SCOF, and Treasury, at the time the

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South Africa: Exchange Control Amnesty

July 15, 2016

The South African Reserve Bank (SARB) Financial Surveillance Department (Fin Surv) previously known as the Exchange Control (Excon) department, recently issued Excon circular 6/2016. Before we proceed: Yes, we are aware it is called a Special Voluntary Disclosure Programme (S_VDP) and not an amnesty. Internationally tax “amnesty” is known as OVDI and “Just do it”

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DTA RSA/UK Article 20 problem – feedback from a client

June 21, 2016

“Having cashed in a South African Retirement Annuity for a lump sum, it was taxed by the South African Revenue Service (SARS) as an emigration withdrawal. HM Revenue & Customs (HMRC) decided to tax it under Article 17 of the Double Taxation Agreement between the U.K. and South Africa. At a later date I came

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Arriving in South Africa? Leaving South Africa?

May 10, 2016

Slideshow prepared by Hugo van Zyl Bought a property? Intend to stay for a while? For a fixed period or annual for few months? Swallow or lock stock and barrel? Tags, tags and more tags In South Africa your status “tags” you. Your tags dictates your banking and tax status. Soon it could dictate your

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