There have been huge changes in the offshore arena in recent years. More than ever it is important to ensure that your offshore tax affairs are dealt with correctly. HMRC now has wider information sharing powers and is determined to identify “hidden” tax offshore.
There have been a lot of changes to the tax position for non-domiciled individuals and this article sets out some of the main changes.
The primary benefit of being domiciled outside of the UK, is that once a claim is made, you will be eligible to use the remittance basis of taxation. Here we answer some of the commonly asked questions about the remittance basis and the tax benefits it may offer.