With constantly changing regulations, the UK tax regime is becoming ever more complex, especially for non-domiciliaries and individuals moving to or from the UK
For people who are not domiciled in the UK – known as non-doms – there are, however, still tax planning opportunities available, despite numerous changes since the overhaul of the rules by the last government in 2008. The possible benefits will depend on a number of factors, including the length of residence in the UK – and even calculating this can be complicated!
Careful planning can still produce worthwhile tax savings, but there are many pitfalls. While advice should be sought before becoming resident in the UK, it is always worth overseas nationals checking if any tax planning opportunities are still available – regardless of how long they have been resident.
Non-doms also need to be particularly careful when recording details of their overseas income, gains and assets in order to avoid any unexpected tax liabilities.
At MGI Midgley Snelling LLP, we have many years’ experience in advising non-doms and dealing with their tax affairs. We are always happy to discuss whether any planning opportunities might be available in individual circumstances.
We can advise on:
- Income and capital gains tax
- Inheritance tax
- National insurance contributions
- Setting up and managing onshore and offshore trusts
- Immigration matters
- International VAT reclaims
- Tax relief for foreign pension contributions
- Services for non-resident landlords
To find out more about any of our tax services, please contact us.