Also in the news...
Who is subject to financial sanctions in the UK?
A guide to the current consolidated list of asset freeze targets, and a list of persons named in relation to financial and investment restrictions under the Russia regulations
Homes for Ukraine visa sponsorship scheme: privacy notice
Homes for Ukraine visa sponsorship scheme: How we use personal data.
Check duties and customs procedures for exporting goods
Find information about how to move goods from the UK to the rest of the world.
Record-breaking £150bn investment unveiled during US State Visit
Record-breaking investment into the UK of £150 billon unveiled during historic US State Visit, boosting jobs and catapulting growth
US financial giants boost UK investments and jobs across London, Edinburgh, Belfast and Manchester
The Government has announced over £1.25 billion of inward investment from US finance companies, creating 1,800 UK jobs.
Tax Circular clarifying income eligible for 50% exemption from personal tax
We have reported several times in the past about the very attractive personal tax exemption of 50% of employment income of a non-resident person taking up residence in Cyprus to work for an employer in the country.
The exemption was introduced in 2012 aiming to attract foreign companies or groups to establish themselves or, as is usually the case, transfer their base and substance of operations in Cyprus. The exemption is available on any of the years in which such income exceeds EUR100,000 and is effective over a period of 10 years.
It was so far understood that the exemption applies strictly to employment remuneration. However, the Cyprus Tax Authorities, through Circular 2018/17 issued on 9 February 2018, clarified that the exemption is also applicable on any remuneration from acting as a Non-Executive member of the Board of Directors of the same company in which the eligible person is also acting as an Executive Director.
The Circular was issued in furtherance to several clarifications on the same matter, which were made through Circular 2017/4, which we have covered through a previous newsfeed.
Article supplied by the Fiducenter