Non domiciled individuals resident in the UK still have many tax benefits. They are afforded this status to encourage individuals to come to the UK and also to encourage inward investment to the UK. Non-doms will typically be a foreign national living in the UK. It is important to retain links with the country to which you are domiciled. We can advise you on the steps you need to take as well as reviewing your domicile position.
Non Domiciled Income Greater Than £2,000
You must report foreign income or gains of £2,000 or more, or any unremitted income and capital gains which you bring into the UK in a Self-Assessment Tax Return. This can be confusing and time consuming and you may end up paying more tax than you need to. Our expert non-domicile tax team can help you to complete your tax return and plan your tax affairs to ensure you don’t pay any more tax than you need to.
Non Domiciled Inheritance Tax
Non-domiciled individuals only pay inheritance tax on UK assets until such point as they become deemed domiciled in the UK after spending 15 consecutive years in the UK. However, it is not paid on excluded property assets. Our experts can help you understand how to exclude property assets and mitigate inheritance tax.
Taxation of Offshore Trusts
Many non domiciled individuals were advised to create an offshore trust before becoming UK deemed domiciled. They have proved an effective shelter for a non-domicile. There are a number of changes happening to the taxation of offshore trusts. If you have one you should speak to our experts immediately to understand how it might affect you.
On 5th December 2016, HMRC published draft legislation regarding changes to the taxation of non domiciled individuals. You can read our summary of the non-domicile tax reforms here. These are subject to change following the General Election on 8 June 2017.
Rayner Essex would like to welcome you to the Winter edition of the Tax Round, where we have handpicked a selection
Personal income tax allowances can be complicated to understand initially. However, getting to grips with your income tax allowance will