Using your Non Dom status to reduce taxes, and using companies and trusts

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 outside of the UK. However the advantages available to non doms are much wider than this. In fact they have some substantial tax advantages when it comes to using offshore companies and trusts. Some of these benefits arise from the fact that there are specific exemptions in the anti avoidance provisions that can apply to Non Doms. We've looked at the tax benefits of Non Dom status in this article for members: Using your Non Dom status to reduce UK taxes