INTM269010 - Non-residents trading in the UK: through UK investment managers, brokers or Lloyd바카라 사이트檚 agents: introduction
The assessment and collection of non-residents바카라 사이트� tax liabilities
The machinery provisions at ITA07/S817 to S828 and S835C to S835S for income tax and at CTA10/S969 to S972 for corporation tax provide a practical means of taxing the non-resident by imposing the liabilities and obligations under the Taxes Acts on the non-resident바카라 사이트檚 UK representative. Their effect and the obligations imposed upon the respective UK representatives of non-resident individuals and non-resident companies are broadly equivalent.
The general guidance on the machinery provisions can be found at:
- Who can be the non-resident바카라 사이트檚 UK representative? - INTM268020
- Extent of the UK representative바카라 사이트檚 liability? - INTM268030
- What assessments should be raised and how is that done? - INTM268040
- What other obligations does the UK representative have? - INTM268050
Investment manager exemption provisions
This guidance concerns the exemption from being treated for tax purposes as the 바카라 사이트楿K representative바카라 사이트� of a non-resident trading in the UK. Clearly the exemption would only be in point if the non-resident is trading in the UK as determined by reference to the transactions carried out for the non-resident by the UK investment manager.
Whether or not a non-resident is trading is a question of fact to be determined by reference to all the facts and circumstances of the particular case including the nature of the wider business activities of the non-resident.
The Business Income Manual contains guidance on the tax concept of 바카라 사이트渢rade바카라 사이트� at onwards. which is now archived provided guidance on the tax treatment of financial transactions.