£30,000 remittance tax charge


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home | £30,000 remittance tax

£30,000 remittance tax charge

Some non UK domiciliaries will be required to pay a £30,000 annual tax charge for the privilege of using the remittance basis of tax after April 2008.

This section includes articles on:

When the £30,000 tax charge applies
How the £30,000 tax charge operates
How to avoid the £30,000 remittance tax charge

You may also find our Non UK Domicile Tax Consultancy section of interest.

Tax planning for non doms returning to the UK and maximising the benefit of the remittance basis
19/11/2008

It may be the case that any UK resident non doms leave the UK and establish non UK resident status. Any future return to the UK needs to be carefully considered in terms of UK tax. This article looks at how returning non UK domiciliaries could look to structure their affairs to maximise the benefit of the remittance basis and reduce UK tax . . . keep reading

What is overseas capital and how to remit it free of UK tax
22/10/2008

Remitting overseas capital is a common question both in our tax forum and our online Q&A service. This article looks at exactly what overseas capital is and how non UK domiciliaries can use the rules to remit overseas cash free of UK tax whether they choose the arising basis or the remittance basis after April 2008. It also looks at the rules applying to mixed funds. . . . keep reading

Tax Planning for Non Doms Working Overseas
15/10/2008

Non Doms are entitled to numerous UK tax benefits. After 6 April 2008 many of these benefits may have been reduced but they are still there! This article looks at non doms living in the UK but working overseas, and in particular how they can take advantage of their special tax status to reduce UK tax . . . keep reading

How non doms can make the most of the £1,000 exemption to avoid the remittance rules
10/10/2008

The provisions in the 2008 Finance Act apply a new £1,000 exemption for remittances of overseas property. This allows non doms to avoid being subject to income tax on these remittances. This article looks at how the exemption operates and how non doms can make the most of this to remit much larger sums free of income tax. . . . keep reading

Changes to the 2008 Finance Act for Non Doms
06/10/2008

As requested by one of our members we've looked through the latest Finance Act and compared this with the previous Finance Bill that was issued at the beginning of the year. We've focused on the changes to the remittance basis and have had to go through both versions with a fine tooth-comb to highlight the changes. . . . keep reading

How non doms can still save tax with offshore trusts after 2008 even if they're not claiming the remittance basis
03/10/2008

The new provisions in the 2008 Finance Act make a number of changes to the use of offshore trusts and companies by non UK domiciliaries. This article looks at how non doms can still make use of offshore trusts to avoid UK tax whether they claim the arising basis or the remittance basis of tax after April 2008. . . . keep reading

Overseas ETF's and Time deposits for Non Doms opting for the arising basis
22/09/2008

Any non UK domiciliaries who are looking to avoid the remittance rules should look carefully at their overseas investments. If they're opting for the arising basis the opportunities for avoiding UK tax on overseas investments are limited. This article looks at the use of overseas ETF's and time deposits . . . keep reading

Can non doms use a company to avoid the £30,000 tax charge?
04/06/2008

The £30,000 tax charge is a huge blow for many non doms and arranging your affairs to ensure you won't have to pay this additional tax charge is crucial. This article looks at whether you can hold overseas investments via a company to avoid the £30,000 tax charge. . . . keep reading

'Breakeven' income and capital gain levels for paying the £30,000 non dom tax charge
07/05/2008

Non UK domiciliaries who have been UK resident for more than 7 of the last 10 tax years will be subject to the new £30,000 remittance tax charge, if they claim the remittance basis. This article looks at when it's worthwhile claiming the remittance basis and in particular the 'breakeven' levels of overseas income or capital gain required. . . . keep reading

Planning for the £30,000 remittance tax charge
21/04/2008

This article looks at the current status of the provisions and exactly what you can do to minimise your tax bill. It considers how the £30,000 tax charge operates, the potential planning areas and the strategies you could put in place to avoid it. . . . keep reading

Nominating overseas income or capital gains for the £30,000 non dom tax charge
15/04/2008

The 2008 Budget and subsequent Finance Bill announced that the £30,000 remittance tax charge is to be based on overseas unremitted income or gains. This means that anyone subject to this charge will need to nominate overseas income or gains which would be subject to the UK tax charge. This article looks at this in detail based on the current provisions in the Finance Bill. . . . keep reading

How non doms can use the £2,000 de minimis rule to avoid the £30,000 tax charge
11/04/2008

Any non UK domiciliaries faced with the new remittance tax charge will be interested in how the £2,000 de minimis limit operates. This article reviews the provisions of the 2008 Finance Bill and explains how the de minimis limit can be used to save additional UK tax. . . . keep reading

Transferring assets to a child to avoid the £30,000 tax charge
25/03/2008

The 2008 Budget announced that the new £30,000 annual tax charge that can apply to some non UK domiciliaries with overseas unremitted income or capital gains won't apply to individuals under the age of 18. This article looks at the opportunities for avoiding this charge by transferring overseas income and assets to children. . . . keep reading

Some numerical examples to show how the £30,000 tax charge could apply after the Budget
20/03/2008

The 2008 Budget statement and recent Finance Bill included some significant changes to the operation of the new £30,000 tax charge. We've looked at them in another article, however it's worthwhile running through some numbers to see how they could apply. This article explains how the new rules could operate and includes numerical examples to illustrate the key points. . . . keep reading

Remitting £30,000 free of income tax
07/03/2008

The Revenue have confirmed that transfers of overseas income back to the UK to pay for the £30,000 tax charge won't be taxable as remittances by non UK domiciliaries. This article looks at how this will apply in practice and runs through some figures illustrating the effects. . . . keep reading

How the £30,000 annual tax charge works after the 2008 Budget
12/03/2008

This charge was first announced in the 2007 Pre Budget Report, however the 2008 Budget has now significantly changed this (along with many of the other original proposals). It's a lot more complex but on the whole much more favourable to non UK domiciliaries. This article takes a look at the impact of the new changes. . . . keep reading

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