PAGES: 208
EDITION: 5th
ISBN: 9781911020608
Tax Planning for Non-Residents & Non-Doms
This unique guide shows you how to pay less tax if you are non-resident or non-domiciled.
Tax Planning for Non-Residents & Non-Doms is essential reading for:
- Anyone who wants to become non-resident and pay less income tax and capital gains tax.
- Non-domiciled individuals who want to make the most of their special tax status.
- Those looking for a plain English guide to the Statutory Residence Test.
- Anyone thinking about working or retiring abroad.
What Information is Contained in the Guide?
Tax Planning for Non-Residents & Non-Doms is written in plain English and is crammed full of examples and tax planning tips. Subjects covered include:
- A clear guide to how non-residents and non-domiciled individuals are taxed.
- A plain-English guide to the Statutory Residence Test, with lots of examples.
- Changes to the Statutory Residence Test because of the coronavirus situation.
- The temporary non-residence rules that tax your capital gains and dividends if you return to the UK within 5 years.
- How Brexit may affect your tax position.
- A detailed tax planning chapter for landlords covering the Non-Resident Landlord Scheme, how non-residents can pay less tax, overseas mortgage issues and how to beat the mortgage tax relief restriction which came into full force this year.
- How company owners can enjoy tax-free dividends by becoming non-resident.
- ...including one individual who stands to save £58,275 income tax on his dividends.
- The rules for company owners who extract dividends while temporarily non-resident.
- A detailed chapter on pension planning for those looking to retire abroad... including how to minimise income tax.
- How employment income is taxed if you live abroad.
- Tax issues to consider if you would like to work from home... in another country.
- A detailed list of tax havens and countries that do not tax UK income.
- How HMRC gathers information from other countries.
- Full details of the new CGT rules for non-residents selling UK residential property.
- How you can still save thousands by emigrating before you sell UK property.
- New CGT rules applying to non-residential property and company owners from April 2019.
- Countries will low or zero capital gains tax.
- How to determine whether you are UK domiciled or non-domiciled.
- How non-domiciled individuals can use the remittance basis to reduce UK tax.
- How every non-domiciled couple can save an extra £1,599 tax every year.
- How to avoid the £30,000 and £60,000 remittance basis charges.
- The new "deemed UK domiciled" rules for those who have lived here over 15 years.
- How non-domiciled individuals can make tax-free remittances, including:
- the exemption for clothing, jewellery and expensive watches.
- the exemption that lets you buy unlimited items costing under £1,000.
- the Business Investment Relief for those investing in UK companies.
- How non doms can use excluded property trusts to escape UK inheritance tax.
- Recent inheritance tax changes affecting non doms.
- How offshore trusts can still be used to roll up income and capital gains tax free.
- How double tax treaties can be used to save tax.
Examples are used throughout to explain important points.
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About the Author
Dr Nick Braun founded Taxcafe in 1999. Over the past 25 years the company has become one of the UK's best-known tax publishers and has won several prestigious business awards. Nick has been a specialist tax writer since 1989, first in South Africa where he edited the monthly Tax Breaks publication and since 1999 in the UK, where he has authored several tax books. Nick also has a PhD in economics from the University of Glasgow where he was awarded the prestigious William Glen scholarship and later became a Research Fellow.
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