Thoughts and analysis covering both UK and offshore tax.
One of the biggest tax advantages available to married couples (and registered civil partners) is the ability to transfer assets between each each free of capital gains tax and inheritance tax. For any property investor holding properties standing at…
Overseas teleworking is becoming more popular. What with the advances in communications over the past 10 years, working from the other side of the world can be a reality for many. We've looked at this kind of teleworking in our report: How to avoid…
Using offshore trusts and companies to acquire assets is a common theme in tax planning. In particular if you can structure an offshore trust as non resident it's exempt from UK CGT on UK investment assets. It's therefore a simple option to avoid CGT…
Tax planning is an important factor for any planned investments in the UK. There are lots of options when considering how to structure UK investment. You could for example purchase in your name purchase jointly with someone else use an offshore…
We've released another couple of articles on Capital gains tax and Non UK domiciliaries These articles look at the position of non UK domiciliaries buying a property in the UK, as well as the case where they are selling an overseas home after they…
The latest 2006/2007 tax return contains a number of subtle changes to the layout and the type of questions asked. This follows a few high profile decisions on non UK residence and non UK domicile issues, and is part of the revenue keeping a closer…
A few people have contacted me asking about gifted payments. These cases are usually a case of a person making a cash sum to another by way of a gift. Of course if it's a genuine gift there should be no UK tax on the receipt. But in some cases…
If you're a UK resident buying property overseas it's important to consider the UK tax implications. Your domicile status will be of key importance as if you're a non UK domiciliary you'll be entitled to claim the remittance basis for overseas income…
Site members can view the new Domicile Checklist . If you are looking to lose your UK domicile status you need specific courses of action that you can follow. Unfortunately actually getting this kind of specific detail out of tax advisers can be…
Non UK domiciliaries are subject to the remittance basis of tax. This means that they're only taxed to the extent that income or proceeds are actually brought into the UK. Therefore when looking at the position of foreigners living in the UK, the…
We've had a few e-mails on this so it's well worth looking at. I'll ensure that a separate article is prepared on this. When looking at the tax implications of buying overseas property you'll need to firstly look at your residence and domicile…
Whether a company is UK resident or not can be very important for UK and offshore tax planning purposes. Not only does a non UK company get an exemption from many capital gains, but it's also exempt from UK tax on overseas income. In order to decide…
The benefits of non UK residence status are frequently talked about. However aside from just obtaining an exemption for overseas income (which is the main benefit that people know) what is there? Well this article: Using Non UK Residence status to…
Most people are aware of the remittance basis of tax that is available for individuals who are UK resident but non UK domiciled. This allows wealthy foreigners to avoid significant income and capital gains tax charges by retaining income and proceeds…
Using offshore companies and trusts to reduce taxes is of interest to a lot of overseas investors. The difficulty is obtaining sound, reliable information at an affordable cost. Usually you'll need to take account of both the UK (if you're Uk…
If you're looking to avoid CGT when you sell Uk or overseas assets, you'll find plenty of articles on this site covering this. Examples include: Emigration to avoid CGT Avoiding the five year rule for CGT avoidance Should you own an overseas company…
There's no exit charge for individuals leaving the UK, but this doesn't mean that you can completely ignore CGT when planning to leave the UK. You'll need to consider not only your planned disposals but also any deferred gains that may have arisen…
Anyone interested in moving overseas will be interested in what the tax rates are like in other countries. We've put together a brief table showing the tax rates in various other European countries. It makes interesting reading! Income tax rates in…
Some people seem to think that just because they're conducting their business over the internet as opposed to via a more traditional 'bricks and mortar' set up, they're not subject to UK taxes. Whilst if you're a non resident, trading over the…
Another couple of good articles have been released to the site: Obtaining non UK domicile status This looks at how in practice you'll establish non UK domicile status with the Revenue if you leave the UK. The tax return and form DOM 1 which would…