New Statutory Residence Test for individuals effective from 6 April 13

The new Statutory Residence Test (SRT) for individuals which took effect from 6 April 2013 now replaces all existing legislation, case law and guidance from the tax year 2013/2014 onwards and determines an individual’s liability to UK income tax, capital gains tax and (in some cases) inheritance tax. The SRT is set out in Finance Act 2013 and has the clear aim of simplifying the rules and providing certainty. Robert Drysdale explains more in our Briefing Note entitled ‘Statutory Residence Test – Finance Act 2013‘.