The rules that apply to non-domiciled individuals are complex and change with regularity. There were major changes from 6 April 2017 which mean that once a person has been resident in the UK for 15 out of the past 20 tax years they are no longer eligible to claim the remittance basis in the UK. This is a big change for many people and they need to take appropriate advice.
It is still possible to structure your affairs tax efficiently as a non-domiciled individual but the rules are complicated and advice is necessary to ensure you are fully compliant with UK obligations.
Even if a person or entity is non-UK resident, there are reporting obligations where income is received from UK sources, such as property in the UK, pensions, bank interest and so on. We can assist with completion of the necessary paperwork to ensure compliance with the rules and to avoid hefty penalties arising.
Since 2015 the sale of UK residential property is within the charge to Non-resident capital gains tax. This means that if a non resident person or entity sells a residential property situated in the UK, they will need to make a return to HMRC and pay any tax due (which is 30 days after the completion of the transaction).
“Steph is one of the best ‘private client’ tax advisory people I have worked with. Always giving her best and technically accurate.”
Leading advisor to entrepreneurial businesses
“Steph was someone I turned to in terms of good technical support. She is a very strong Private Client technician in my view.”