Offshore protection continued
- Article Dates:
- 2010
- All Months
Displaying Matches 1 thru 2 of 2 Found.
Ever fancied emigrating to New Zealand? If you have, their transitional residence status offers some superb tax planning opportunities. In this article we look at the tax benefits of transitional residence in NZ and key points for you to bear in mind if you want to make the most of this attractive tax regime...
Question: I left the UK in March 2008 to live in the Canary Islands. I advised HMRC using form P85, and they appear (although they have never formally said so) to have accepted that I am now not resident in the UK. In the first year I spent 86 days in the UK and last year 68. I rented a house in the Canary Islands which was my permanent home and of which HMRC were advised. Although I was technically tax resident in Spain in 2008 and 2009 (over 180 days a year) there would be little additional tax to pay in Spain had I received a tax return. I receive income from a partnership in the UK and unavoidably (for now at least) pay UK tax and class 4 NI on this. The benefit to me at present is only in terms of UK CGT, tax on investment income and possible inheritance tax in the future. My biggest tax advantage will be on disposal of my UK business whenever that is. I have now decided to vacate the house in The Canaries and spend several months in the Far East (Thailand, Cambodia, Vietn...
Displaying Matches 1 thru 2 of 2 Found