Some of our recent tax Q&A's inc the 5 flags

We've had some great Q&A's raised in our consultancy section. An interesting one is this one: Nomadic Lifestyle Setup & UK Tax It concerned someone looking to move overseas and it mentioned the 5 flags principle. The 5 flags principle states that to reduce the scope of any one country to assert rights over your income or assets you should diversify as much as possible. This includes not only tax rights but also legal rights especially in terms of protecting assets from creditors. Thge kind of things that are usually mentioned are having separate:

Citizenship

Residence

Sources of income

Assets In terms of tax the split can be useful but essentially for most people they're looking to avoid UK taxes by losing UK residence and having overseas sources of income. Having citizenship & overseas assets is primarily a concern in terms of avoiding UK inheritance tax. We've also looked at the capital gains tax position of non doms and how they complete the tax return pages in this Q&A: How to complete the non dom pages This includes specific screenshots of the 07/08 tax return pages and how they should be completed.