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home | 2008 Tax Changes

2008 Tax Changes

The 2008 Budget report and the recently issued 2008 Finance bill implement a number of far-reaching tax changes, particularly to the capital gains tax regime and the treatment of Non UK Domiciliaries to apply from 6 April 2008.

The articles below look at the impact of the changes.

What is overseas capital and how to remit it free of UK tax
22/10/2008
What is overseas capital and how to remit it free of UK tax 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
What is a Remittance?
17/10/2008
What is a Remittance? There's plenty of advice to non doms who are subject to the remittance basis of tax to avoid 'remitting' income or gains but what exactly does this mean? This article looks at the general rules and impact of the court decisions that apply in this area . . . keep reading
Tax Planning for Non Doms Working Overseas
15/10/2008
Tax Planning for Non Doms Working Overseas 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
Changes to the 2008 Finance Act for Non Doms
06/10/2008
Changes to the 2008 Finance Act for Non Doms 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
How non doms can still save tax with offshore trusts after 2008 even if they're not claiming the remittance basis 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
Reducing your capital gains tax to 10% on overseas property
Reducing your capital gains tax to 10% on overseas property Establishing that a trade exists can be highly advantageous when it comes to minimising your UK taxes on overseas property. This article looks at the new capital gains tax rules applying after April 2008 and how you can still qualify for a 10% rate of CGT. . . . keep reading
Can non doms use a company to avoid the £30,000 tax charge?
04/06/2008
Can non doms use a company to avoid the £30,000 tax charge? 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
Offshore Bonds for Non Doms
09/05/2008
Offshore Bonds for Non Doms For any non doms looking at ways to hold assets abroad without being liable to the £30,000 annual charge, identifying overseas investments that don't crystallise income can be crucial. This article looks at the pros and cons of offshore investment bonds for non UK domiciliaries. . . . keep reading
How non doms can use the £2,000 de minimis rule to avoid the £30,000 tax charge
11/04/2008
How non doms can use the £2,000 de minimis rule to avoid the £30,000 tax charge 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
Common tax planning Q and A's for non doms after the 2008 Budget
13/03/2008
Common tax planning Q and A's for non doms after the 2008 Budget The 2008 budget changed and to a large extent watered down a number of the original provisions to apply non UK domiciliaries after 5 April 2008. This article takes at look at some common Q&A's that people may have regarding the new rules in light of the budget changes. . . . keep reading

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