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Tax Planning Articles For Non Doms Advanced tax planning for non doms using offshore trusts to purchase UK property 1/03/2010 Here's one option for some advanced tax planning for non doms looking to remit offshore income gains into the UK free of UK tax. It looks at a strategy to purchase property in your own name using offshore funds whilst avoiding UK CGT and IHT . . . keep reading Detailed example of how the nominated income rules apply for non doms 26/02/2010 The nominated income rules which apply to non doms are particularly complex. In this article we look at a more detailed example to illustrate how they will apply, and in particular how future remittances of overseas income or gains would be taxed in the UK. . . . keep reading Offshore Foundations and the remittance basis for CGT purposes 19/02/2010 Offshore foundations are of interest to many of our members, particularly non doms who can benefit from the remittance basis of tax. In this article we look at exactly how offshore foundations and their UK members/founders are taxed on capital gains . . . keep reading Using estate tax treaties to avoid the deemed domicile rules 15/02/2010 Irrespective of your actual 'domicile' you can be treated as a deemed UK domiciliary which will result in your worldwide estate being subject to UK inheritance tax. In this article we look at how estate tax treaties can be used to prevent you being classed as a deemed domiciliary and how this can avoid UK inheritance tax. . . . keep reading Should you make the foreign capital loss election - weighing up the pro's and con's 10/02/2010 This is a once and for all election and therefore it's very important to get it right. Following a forum post we've recapped on the pro's and con's of non doms making the foreign capital loss election. . . . keep reading New non dom guidance on transfers of forex between overseas foreign currency accounts 05/02/2010 There's been a lot of changes in the HMRC guidance relating to forex for non doms over the last 6 months or so. In this article we look at the impact of the latest guidance on capital gains and transfers between overseas foreign currency accounts . . . keep reading New rules to prevent capital losses on forex for non doms 27/01/2010 HMRC have announced details of the new provisions to be introduced to prevent capital losses being crystallised on foreign currency conversions in certain limited circumstances. In this article we look at the nature and impact of the changes . . . keep reading Establishing an overseas domicile of choice in 2010 25/01/2010 Losing a UK domicile and establishing a domicile of choice overseas can be very advantageous in terms of reducing UK inheritance tax as well as in terms of UK succession law. This article looks as how to establish an overseas domicile of choice in 2010. . . . keep reading Everything you need to know about the new capital loss regime for non doms 13/01/2010 We've had a number of requests from members asking for further detail on how the new foreign capital loss election applies for non UK domiciliaries. In this article we summarise the new capital loss rules for non doms . . . keep reading How non doms can fund the nominated account tax efficiently 08/01/2010 Following a number of requests from members we've produced this article to explain in more detail how the 'nominated income' provisions apply and how to fund the nominated account tax efficiently. . . . keep reading New HMRC guidance for non doms using the remittance basis and exchange rate gains 21/12/2009 HMRC have published some guidance on the tax treatment of non doms in relation to exchange rate gains and losses. This is an issue that has caused concern for some members as any non doms claiming the remittance basis will lose the benefit of the annual exemption. This could give rise to small numerous gains on exchange rate movements. In this article we look at the impact of the new guidance. . . . keep reading How non doms are effected by the 2009 Pre Budget Report 09/12/2009 Given the substantial changes to the tax regime for non doms over the last couple of years, many non doms will be interested in how they'll be effected by the 2009 Pre Budget Report. In this article we summarise any changes applying specifically to non doms . . . keep reading Non Doms - avoiding a remittance with the £30,000 RBC 02/12/2009 Non Doms who are using the remittance basis can avoid being taxed on overseas income or gains if they use that to pay the £30,000 as a direct remittance to HMRC. But how exactly does this exemption apply? In this article we look at how this exemption applies and the limits to what does and doesn't constitute an exempt remittance for the purposes of the £30,000 RBC. . . . keep reading Non Doms and overseas joint accounts 30/11/2009 Many non doms own offshore accounts jointly with their spouse or other individuals. In this article we look at this in practical terms and assess what difference holding the account in joint names could have for non doms. In particular we analyse the position where both account holders claim the remittance basis compared to where only one account holder claims the remittance basis . . . keep reading How non doms can remit income and gains tax free with offshore trusts 20/11/2009 Tax planning for non UK domiciliaries is one of our favourite topics. In this article we look at how non doms can use offshore trusts to remit income and gains and minimise UK tax. Topics covered include washing out gains, using parallel trusts, rolling up capital and using loans to avoid CGT. . . . keep reading Dealing with remittance errors 09/11/2009 It's not just non doms subject to the remittance basis who need to be careful in remitting overseas income and gains. Any non doms with foreign income or gains that arose before April 2008 and which was retained abroad would also be taxed on remittances. In this article we look at the tax position if remittances are made in error. Is this still classed as a remittance of the income/gain or will HMRC take an equitable approach to this? . . . keep reading Exchange rates for non doms based on new guidance in 2009 02/11/2009 Given that all entries on the tax return are in sterling non doms will need to convert foreign income and foreign capital gains into sterling if they're either charged on the arising basis or if they make remittances under the remittances basis. There will also be other occasions when non doms will need to convert foreign income and gains (eg in calculating whether or not unremitted income or gains falls above or below the '£2,000 de minimis limit). In this article we look at the rules after the new 2009 guidance . . . keep reading Using an offshore holding company for non doms 09/10/2009 Non Doms, along with non UK residents are potentially in the best position in terms of UK tax to make use of offshore companies and trusts. In this article we take a look at how non doms could use an offshore holding company to reduce UK taxes . . . keep reading Emigrating from the UK to avoid Inheritance Tax 07/10/2009 Leaving the UK to avoid inheritance tax needs to be looked at completely separately from leaving the UK to avoid income tax or capital gains tax. Following requests from members we've looked in this article at how you would look to emigrate from the UK to avoid inheritance tax . . . keep reading Analysis of the two key exemptions for non doms that ensure no tax return needs to be filed 28/09/2009 There are two key exemptions for non doms which allow them to take advantage of the remittance basis without having to file a tax return. In this article we look in detail at the nature of the exemptions and when they will and won't apply . . . keep reading The £30,000 non dom tax charge and minimising payments on account 18/09/2009 Any non doms subject to the £30,000 tax charge will need to consider how their payments on account will be impacted. This is particularly the case where they swap and change between the remittance basis and the arising basis in different tax years. In this article we look at how to avoid having an adverse impact on your payments on account . . . keep reading Timing considerations for Non Doms arriving in or leaving the UK 16/09/2009 Ensuring that the timing of any arrival in, or departure from the UK will be crucial in assessing the tax position of non doms. In this article we look at some of the issues in terms of timing arrivals and departures from the UK, particularly in terms of the key non dom exemptions . . . keep reading Non Doms: De minimis limits before HMRC will require a tax return or open an enquiry. 11/09/2009 In this article we look at a couple of limits that HMRC apply in practice to non doms. Note that you won't find any of these limits in the tax legislation as these are applied by HMRC purely as a matter of practice. However, as they have been published they can be relied upon by taxpayers. . . . keep reading Structuring offshore consulting for non UK domiciliaries 02/09/2009 Any Non UK domiciliaries who live in the UK and work overseas should carefully consider how they're going to structure their affairs for UK tax purposes. This article looks at how they will be taxed, and most importantly how they can reduce their UK taxes . . . keep reading Non Doms, remittances and settlements for children 26/08/2009 It's well known that there are specific anti avoidance rules than can tax parents on income arising to a child where they made the original transfer. In this article we look at the tax treatment of non doms who make transfers to minor children and how the anti avoidance rules will apply to them. . . . keep reading View More Non Dom Tax Articles

Non UK Domicile Articles