We specialise in residency and domicile issues and are well placed to help you understand some of the complex tax matters and opportunities that may arise as a result of non UK domicile or changing your residency status.
By efficient pre-residence planning, an individual coming or returning to the UK may be able to substantially reduce their UK tax exposure from the date of arrival. Similarly, if you are leaving the UK we can help plan your departure and maximise the benefits of certain tax reliefs available.
If you need advice in relation to non UK tax issues, we can happily put you in touch with one of our global MGI associates to cover the tax position of where you move to.
Non domiciled individuals may be eligible for certain beneficial tax treatments depending on the length of time they have been resident in the UK. The well-publicised “Remittance Basis Charge”, introduced by the Finance Act 2008, imposes a levy to access the remittance basis and is:
- up to £30,000 where an individual has been resident in the UK for 7 or more out of the last 9 tax years
- up to £60,000 where an individual has been resident in the UK for 12 or more out of the last 14 tax years
- up to £90,000 where an individual has been resident in the UK for 17 or more out of the last 20 tax years
From April 2017 non-domiciles will be treated as UK domiciled for all tax purposes where they have been resident in the UK for 15 out of the past 20 tax years and the £90,000 remittance basis charge will no longer apply.
If you are non-domiciled we can help advise you of the most beneficial basis of taxation and help you to structure your affairs to maximise the benefits of being non domiciled. Our sister firm Seymour Taylor also offers similar services.
For further information on our international tax services, please contact us.