Thoughts and analysis covering both UK and offshore tax.
One of the most typical uses of tax havens is to divert profits from a high tax country to a low tax/tax haven country. This also includes income such as interest, royalties and management charges. In the absence of any provisions to the contrary…
Over the coming years there's forecast to be a pretty large exodus of people leaving the UK to establish new lives overseas. Many of these will be looking to also try and obtain residence in an offshore tax haven environment that offers low or no…
We've had a few people ask about overseas property and taper relief this so I thought it was worthy of a quick blog post. If you are a UK resident (& domiciliary) and sell overseas property realising a gain, you'll be entitled to claim taper relief…
The application of the residence rules in recent Commissioners decisions has made it even more important to establish treaty residence overseas wherever possible. In these cases the position was essentially clarified in that the Commissioners and the…
Lets get back to basics! When you're leaving the UK and moving overseas what exactly are the tax implications. We cover a lot of these in detail in articles in the site, but it's useful to 'pull these together' to give the prospective emigrant a…
We've released a couple of very good articles to the site. How to claim double tax relief This looks at how you can avoid double taxation when you have both UK and overseas assets or income, and in practical terms how you would go about claiming for…
Most of you will know the benefits of havingnon UK domicile status. Mainly it comprises the remittance basis of tax for overseas income and gains and an inheritance tax exemption for overseas assets. However, I've come across a few people who are…
We've just released a couple of very interesting articles to the site. The first one looks at exactly when your domicile status is relevant for tax purposes. The tax return makes it clear that the Revenue will only consider your domicile status if…
Anyone purchasing overseas property, particularly as an investment (and there are a lot!) would be likely to consider the structure of the ownership. In particular whether the purchase should be in their name or via some other entity such as an…
We've just released a new download covering the opportunities available for anyone looking to live and work offshore. Living and working overseas is something that lots of people are interested in however knowing what steps to take and things to…
If you're leaving the UK, the chances are you'll be completing a tax return in the tax years after your departure. Most of this is pretty straightforward, but of crucial importance for the emigrant is the non residency pages. It's likely you won't…
If, like many others you are planning on leaving the UK to live abroad (for whatever reason), one of the main tax issues you should be looking at is your UK residence status. If you can lose UK residence this takes you out of the UK tax net for a…
We've had some questions on precisely how a UK expat would go about claiming relief from UK tax on any UK pensions. We've covered the impact of various double tax treaties in this article on how a UK state, private and government pension is taxed…
We're sometimes asked about the actual procedure in establishing a non UK domicile with the Revenue. The main way to do this is via a tax return, P86 and or DOM 1. We're in the process of creating a webcast to show this, however an important point to…
When you leave the UK, you'll probably be completing a form P85 for income tax purposes. This is the standard form that the Revenue will send out if you tell them you're leaving the UK,and you can also download it directly from the Revenue's website…
If you've lent some money to someone and they've failed to repay it - you should consider the CGT implications. In particular you want to be looking at whether you can crystallise a capital loss that can be used to offset against other current and…
This is a tremendously popular subject. The UK, unlike many other countries does not tax capital gains that arise on many UK assets if you're a non UK resident (and ordinary resident). This means that someone holding assets at a significant gain can…
Many emigrants are looking to lose their UK domicile status as well as their UK residence status. This makes sense as there's little point in remaining within the charge to UK inheritance tax if they can help it, particularly if there are few UK ties…
We get a few e-mails from people looking to avoid use offshore companies and trusts to reduce UK tax charges. There is nothing wrong with this provided you know the various anti avoidance rules that your up against. Many people believe that they need…
As it's becoming more popular to retire abroad (and every survey or report I see seems to show increasing numbers of people moving or retiring overseas) the tax treatment of UK pensions is becoming of more importance. Many pensions already have…