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Entitlement to Legal Redress for Taxpayers
This decision means that if the notional return is higher than the actual return, taxpayers are entitled to legal redress. The actual return must be determined based on the total assets, including bank balances, without deduction of tax-free allowances, and encompasses both realized and unrealized gains.
Government Response and Next Steps
The Secretary of State is currently investigating the consequences of the rulings and expects to provide more clarity within eight weeks. Taxpayers will be informed if the Supreme Court’s ruling affects them. If the notional return is higher than the actual return, taxpayers must file an objection to the final assessment within six weeks.
Pretim’s Expertise in Actual Return Calculations
Pretim, a Dutch wealthtech company, has years of experience in calculating (unrealized) results and actual returns for (inter)national clients such as wealth advisors, family offices, and tax advisors. As a result, Pretim is well-positioned to advise and assist in calculating the actual return as required by the Supreme Court. If you are a tax advisor, Pretim would be happy to connect with you for a suitable solution.
