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Residency rules in the 1973 IR20 booklet were in question in the Gaines-Cooper case, but the HMRC6 guidance of April 2009 may be more relevant now to those wishing to lose UK residency, according to Macfarlanes. However, the new guidance has been described as deliberately vague and a work in progress. The authors argue that the time has come for a comprehensive statutory residence test like that of the United States.

Proposed changes to information reporting on IRS Form 1099 would place a greater burden on businesses to accurately identify income taxable to others and assess larger penalties on businesses that fail to do so. In this report, Vogel Consulting details the cost of non-compliance and offers suggestions of what businesses can do to be prepared.

Since 6 April 2008 non-UK domiciliaries have only been allowed to claim foreign losses if they make an election for such losses to be allowable. However, making the election without careful consideration could mean losses being absorbed against foreign gains that would not have been taxable in the UK. Withers Worldwide outlines these considerations and covers other useful information about claiming foreign losses.

This white paper from Atlantic Trust reviews the history of the Economic Growth and Tax Reconciliation Act of 2001, offers a look at recently proposed tax reform bills, and urges families to continue with careful estate planning, asset protection planning, business succession plans and charitable plans.

In response to representations made since the Pre-Budget Report, HMRC announced that the draft legislation released in December and, in particular, the definition of a "bank" did not actually reflect their intentions and that the legislation will be substantially amended in this regard. Withers Worldwide provides a summary of the amendments and their future implications.

Gifting may be the place to start in planning a long-term estate planning strategy, according to this paper from Wells Fargo. While gifting can be useful in transferring tax savings, it also can provide a real-time snapshot of the estate plan by allowing the giver to see how beneficiaries accept and respond to the gifts and then to change the estate plan in response.

Although estate tax laws may be uncertain, now is the time to review estate planning documents. This report from Schiff Hardin suggests tax-reduction strategies; defines required minimum distributions from retirement accounts; details developments in tax-related state law in California, Florida, Illinois and New York; and provides information on making tax-free gifts to children and grandchildren.

Recent cases of misappropriation of client funds, breaches of fiduciary duty, theft and bankruptcy filings underscore the importance of qualifying one's 1031 qualified intermediary. This article from Strategic Exchange Advisors includes information of interest to any investor with real estate holdings in the United States.

With short-term interest rates currently near zero, this may be a good time to consider using intra-family loans, grantor retained annuity trusts and sales to intentionally defective grantor trusts.