Non-Domicile Tax
Significant changes took effect from 6 April 2017 that reduced the ‘non-dom’ tax advantages of being non-UK domiciled and the length of time those advantages could be obtained. However, being a non-resident still offers the highly beneficial non-dom tax status for many reasons. At Xperta Investments, we have significant experience of advising non-UK domiciled individuals on all aspects of non-dom taxation.
Non-domiciled individuals
Non-domiciled individuals can potentially enjoy favourable tax treatment through the remittance basis of taxation. Careful planning is essential to ensure that a remittance of funds to the UK is as tax efficient as possible.
inheritance tax
Non-domicile inheritance tax planning is valuable for non-dom individuals. Options could include locking in inheritance tax protection through an excluded property trust. Our tax experts will tailor their advice to reflect your specific circumstances.
tax return compliance
We can offer support in respect of the completion of non-dom tax returns with associated disclosures, advising on whether or not to claim the remittance basis in any given year and making overseas workday relief claims.
Non Domicile Tax
Key areas to consider:
Every individual must have a domicile, albeit this may change during their lifetime and this is usually what they consider to be their permanent home. It is a concept of general international law and these rules apply for tax purposes.
There are three types of domicile:
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Domicile of Origin
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Domicile of Choice
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Domicile of Dependence
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Domicile is a completely separate term from citizenship and residence and should be reviewed in isolation.