Offshore protection continued
- Article Dates:
- 2007
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Displaying Matches 1 thru 16 of 39 Found. NEXTLAST
As well as losing UK residence when you leave the UK you may look to lose your UK domicile status to avoid UK inheritance tax. Actually establishing a new domicile overseas can be difficult, however this article looks at one option to achieve this and includes extracts from the Revenue form showing how to complete it....
In the Pre Budget Report on 9 October 2007 the Government announced a number of proposed changes to the remittance basis of tax as well as minor fettling with the residence rules. The main thrust of the proposals is to levy an annual £30,000 tax charge on non UK domiciliaries and non UK ordinarily resident individuals who claim the remittance basis of tax. This article looks at the scope of the proposals and what this means to non UK domiciliaries living or planning to live in the UK....
As you'd expect which is the best offshore bank account will depend significantly on what you want it to achieve. In my experience there are four reasons why people set up offshore accounts, which are: Tax avoidance, Higher interest rates, Asset Protection and Privacy requirements. This article looks at each one in detail....
Whether a property should be bought using a company, partnership or in your own name is a common query. This is even more so if you're buying an overseas property as this takes you into the realm of offshore companies, trusts and other entities. Many people believe that these can help you in avoiding UK tax. Find out exactly when an offshore company can and can't help reduce your UK tax charges, with this special report. It covers the tax position of both the company and you and also takes account of the anti avoidance tax provisions you'll need to be aware of....
Losing UK tax residence status is of tremendous importance in avoiding UK taxes. Over the last couple of years the Revenue has been paying closer attention to this on the back of a couple of Commissioners decisions. This article looks at the legal position as well as the Revenue treatment of UK residence, and how in 2007 you could look to secure your non UK resident position....
If you own an overseas property it's common knowledge that UK tax (more specifically capital gains tax) is likely to be due on the disposal. When you're looking at options to minimise this have you considered making the overseas property your main residence for tax purposes? This would then allow significant tax reliefs to reduce your capital gains tax bill, including for a period of letting the property. This article looks at the opportunities available to claim main residence relief for UK tax purposes....
Non UK domicile status has a number of UK tax advantages. In particular there is the remittance basis for overseas income and gains and an inheritance exemption for any overseas assets. But is it always the case that being a non UK domiciliary is preferred to being a UK domiciliary in tax terms? This article takes a quick look at when Uk domicile status may be preferred....
If you want to lose your UK domicile status this checklist is essential reading. Non UK domicile status can be very advantageous in tax terms as amongst other benefits you are exempt from inheritance tax on your overseas estate. If you want to lose your UK domicile you need to know specifically what actions you can take to ensure you aren't caught by the UK rules. Following on from other non UK domicile articles, this article provides a checklist with some specific steps that you could consider taking to ensure you lose UK domicile status....
It's pretty well known that you can avoid paying UK CGT by becoming non UK resident (and ordinarily resident). In fact most readers will also know that you would now need to remain non UK resident for at least five tax years unless you purchased the assets being sold during your period of non UK residence. However what is less well known is that this exemption does not apply to the disposal of all UK assets. This article looks at the cases when a UK CGT charge arises because there is a UK branch or agency trade....
Special OfferBuy any of these books and you'll also receive a complimentary electronic copy of our comprehensive tax guide 'How to Save Tax 2007/2008' - worth £19.95" width="200" back=...
Using an offshore company to hopefully avoid or minimise UK tax is frequently of interest to anyone looking to trade overseas. The broad plan is often to incorporate a tax haven company (eg in the BVI) and use this to carry out the overseas activities before eventually selling the business. This article looks at which is the best ownership structure if you're looking to minimise UK capital gains tax on a future disposal of the company or trade....
More and more people are either living and working abroad or have assets overseas. In this case there is certainly the possibility that any income could be taxed both in the UK, as well as overseas. This is where double tax treaties come in - they can provide for either a complete UK tax exemption or a tax credit (reduction in the UK tax charge). If you're concerned about any 'double taxation' you need to understand how you can claim either tax relief for overseas suffered or the complete exemption for UK taxes. This article runs through how you claim relief under a double tax treaty and includes screen shots of the claim forms....
Most people know that non UK domiciliaries are entitled to the remittance basis of tax. However when you're looking at crystallising capital gains abroad it's not just a case of being taxed on the amount you remit. The rules are more complex than this, and this article runs through how you calculate CGT on remittances of proceeds from overseas gains....
The end of the non UK domicile rules have been on the agenda for some time. To date nothing has really happened - but that's not to say that it won't in the future. This article looks at the steps that you could take now to ensure you take full advantage of your non UK domicile status if a future change was planned....
Determining your domicile status is one thing - but will it be relevant? The Revenue won't usually consider your domicile status unless it's relevant to a UK tax liability, and when you're completing the domicile section of the new tax return it makes it clear that you need to establish that your domicile status is relevant. This article sets out exactly when domicile is relevant in simple terms and includes screen shots from the tax return to illustrate....
Given the number of people emigrating overseas the tax treatment of UK pensions is becoming of importance to more and more people. You'll find that UK income tax is automatically deducted at source from UK pensions and many expats that establish non UK residence overseas will want to try and receive the UK pension free of UK tax is possible. This is where double tax treaties come into play, as they can eliminate the UK income tax charge on pensions completely. This article looks at how these double tax treaties work to avoid UK tax and includes schedules showing the impact of a number of double tax treaties on private government and state pensions....