The tax rules on domicile are complicated, whether you are a UK resident but also non- UK domiciled, or if you currently have a UK domicile but are looking to change it and become ‘non -UK domiciled’.
In certain circumstances a change of domicile can bring tax benefits. However careful consideration needs to be given to the tax treatment resulting from such a change.
Here’s how we can guide you through the domicile maze.
Overseas Nationals Coming to the UK
If you are non-UK Domiciled but residing in the UK you need to consider the following areas
- The ‘Remittance basis of assessment ‘
- When the ‘Remittance basis’ charges of £30,000 and £50,000 will apply and to whom
- Capital Gains tax on both UK and non UK assets
- The ‘Worldwide basis of assessment’ and when it can be beneficial
- Inheritance tax planning including the effect of the UK ‘deemed domiciled’ rules
- Will writing and planning
- Income tax planning including investment opportunities.
UK Nationals Leaving the UK
If you have a UK Domicile and wish to become non-UK Domiciled you need to consider the following areas:
- Persuading the tax authorities that you are ‘non-domiciled,’ even after you have permanently left the UK
- What you need to do to permanently remove yourself from ‘UK domicile’ status
- Inheritance tax on UK assets and non-UK assets
- Will writing and planning
- Trust and estate planning
Our experts can provide advice to help you to minimise your tax liabilities and avoid pitfalls please contact David Snell or John Holmes for further advice
