Non Dom Articles continued
- Article Dates:
- 2009
- All Months
Displaying Matches 1 thru 10 of 21 Found. NEXTLAST
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....
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...
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....
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....
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...
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....
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...
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....
This was the headline grabbing change in the Budget Report. The Chancellor proposes to introduce a new 50% income tax rate on anyone earning over £150,000. It was originally announced as a 45% tax rate in the 2008 Pre-Budget Report but the Chancellor increased it to 50% in the April 2009 Budget. In this article we look at the impact of the 50% tax rate for any non doms considering claiming the remittance basis...
As you're no doubt aware, any (adult) non doms who have been UK resident for at least 8 tax years will be required to pay an annual £30,000 tax charge if they want to claim the benefit of the remittance basis. In this article we look at exactly how the £30,000 tax charge is levied and in particular how you'll need to nominate unremitted income or gains...