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Non Domicilaries

Could you be benefitting from non-dom status?
 
There is a lot of misconception about who can qualify for non-dom status. After all, it is a highly complex area with no room for error.
 
However, as we have a very multicultural, UK domiciled, non-UK domiciled, UK resident and non-UK resident client base, you can be assured that our technical knowledge within this area is always accurate and compliant.
 
Over the years, we have developed tax planning opportunities regarding this specialist area of taxation which have saved our clients vast amounts of UK taxation.
 
The non-domicile rule is allows some residents of the U.K to cite other country as their real domicile and then, unlike all other residents, to pay UK tax on their earnings in the rest of the world only if they "remit" the money to the UK.
 
From April 2008, individuals who are “non-UK domiciled” or “non-UK ordinarily” resident may have to pay a remittance basis charge in the amount of £30,000 (possibly subject to an increase to £50,000 from 6 April 2013) if they choose to be taxed on this remittance basis. They will then be subject to UK tax on their foreign income and gains which they remit into the UK.
 
The £30,000 charge is payable by individuals who are entitled to claim the remittance basis and who have been tax resident in the UK for the past 7 out of 9 preceding tax years subject to very few exceptions. There also many other complicated rules which have been implemented by HM Revenue & Customs with effect from 6th April 2008.
 
Get in touch to find out more about our specialist expertise in this area. Even with the £30,000 remittance basis charge we can often find tax planning opportunities which could result in saving you considerable amounts of UK tax.

Could you be benefitting from non-dom status?
 
There is a lot of misconception about who can qualify for non-dom status. After all, it is a highly complex area with no room for error.
 
However, as we have a very multicultural, UK domiciled, non-UK domiciled, UK resident and non-UK resident client base, you can be assured that our technical knowledge within this area is always accurate and compliant.
 
Over the years, we have developed tax planning opportunities regarding this specialist area of taxation which have saved our clients vast amounts of UK taxation.
 
The non-domicile rule is allows some residents of the U.K to cite other country as their real domicile and then, unlike all other residents, to pay UK tax on their earnings in the rest of the world only if they "remit" the money to the UK.
 
From April 2008, individuals who are “non-UK domiciled” or “non-UK ordinarily” resident may have to pay a remittance basis charge in the amount of £30,000 (possibly subject to an increase to £50,000 from 6 April 2013) if they choose to be taxed on this remittance basis. They will then be subject to UK tax on their foreign income and gains which they remit into the UK.
 
The £30,000 charge is payable by individuals who are entitled to claim the remittance basis and who have been tax resident in the UK for the past 7 out of 9 preceding tax years subject to very few exceptions. There also many other complicated rules which have been implemented by HM Revenue & Customs with effect from 6th April 2008.
 
Get in touch to find out more about our specialist expertise in this area. Even with the £30,000 remittance basis charge we can often find tax planning opportunities which could result in saving you considerable amounts of UK tax.