Bahraini-British Business Forum discusses changes in UK Tax Laws

Manama, May 15 (BNA): The Bahrain British Business Forum (BBBF) Special Interest Group (SIG) for finance professionals, in partnership with KS International Consultants & Public Accountants Bahrain and Kingston Smith UK, held a meeting at the Capital Club recently to discuss changes in UK tax laws. The event was aimed updating UK citizens and owners of UK properties of any nationality of the effects of the changes and availability of consultancy help in Bahrain. The keynote speaker at the event was Mrs. Lynne Rowland, a personal tax partner in Kingston Smith UK. Mrs. Rowland has over 20 years of personal tax experience, working for leading accountancy firms as well as regional firms. Ms. Rowland shared her vast knowledge on a variety of matters at the event, especially income tax, inheritance tax and capital gains tax from a UK and international perspective. Commenting on the event Ms. Rowland said: "The last few years have heralded a recovery in the UK economy alongside an awareness of a continuing budget deficit. Simplifying the UK tax system and ensuring that all taxpayers pay their fair share of tax has been a strategy that has the support of the general public. Some of the proposed changes seem to have an essence of tinkering without any genuine fiscal benefit, and worse, they have not necessarily been publicised enough to ensure understanding and compliance by all relevant taxpayers. The purpose of this meeting was to highlight some of the changes that have been introduced, or are proposed for the future, so that people with UK interests can plan ahead and take any necessary action." Topics discussed also included general principles of UK tax reporting and proposed digitalisation, reminder of rules and importance of keeping a log of days present and purpose of visits, proposals affecting those with UK domicile of origin who may have acquired a domicile outside the UK, why is there a need for a UK will and considering powers of attorney. The event was sponsored by KS International Consultants & Public Accountants Bahrain. The BBBF is a leading network of businessmen and women in Bahrain. The forum aims to promote trade and investment between Bahrain and Britain by offering opportunities for networking and knowledge sharing between the two business communities. The forum has a total of eight Special Interest Groups (SIGs), covering oil, gas & energy, hospitality, construction, banking & financial services, ICT and legal sectors; as well as organisational effectiveness and young professionals. The SIGs offer members and guests a valuable medium for exchanging industry specific ideas and discussing issues relevant to a particular sector. People interested in joining the forum and staying up to date with events can find out more at www.bbbforum.org