Top 10 tax planning for non UK domiciled individuals

How we can help you and optimise your tax position

We can assist you with UK tax planning in relation to your time in the UK and the elections as a non UK domiciled individual. We have extensive experience with non UK domiciled individuals and  providing tax advice including

• UK non domicile reviews;
• Remittance basis planning, including funding requirements in the UK;
• Optimal analysis of remittance basis versus arising basis position;
• Bank account segregation planning and analysis, including clean capital funds and dealing with mixed funds remittances.
• Pre UK arrival and exit tax planning;
• Tier 1 investor visa tax UK residence;
• UK remittances into UK companies under the business investment relief scheme;
• UK tax compliance and reporting of the UK self assessment

Why is it important for non UK domiciled? 

The status of non UK domiciliaries (non doms) and UK resident individuals as been an area of focus with HM Revenue and Customs (HMRC) over the past few years. This area has become increasingly complex and requires you to navigate around the complex rules to ensure that you can remain compliant.

Individuals coming to the UK from overseas often have a more favourable tax position because of their domicile position. Careful and pre planning can lead to significant tax savings in the UK.

There are still plenty of opportunities to review and plan ahead. If you are non UK domiciled and looking to benefit from the additional tax reliefs and allowances, careful planning is needed. 

The top areas to focus on and review are the following:

1. Establishing your domicile status in the UK: Helping you ascertain your domicile status in the UK, whether that is domicile of origin, domicile of dependency or domicile choice since displaced your domicile of origin. Also, if you’re non UK-domiciled, and whether you will become deemed domiciled in the UK for tax purposes under the new legislative rules.

2. Pre-arrival planning: We can guide you on the organisation of your financial affairs in the most tax-efficient manner to help you manage you and your family’s financial needs while living in the UK.

3. UK residential Property: Advising on the implications, structuring and funding of UK property ownership in the UK either before coming to the UK or after you have left the UK.

4. UK Income and capital gains tax: Navigating the bear traps and tax reliefs for those staying in the UK for the short or medium term and the implication on your overseas income and capital gains. Review of the appropriate tax election each tax year to ensure your global tax is minimised.

5. Inheritance tax: Advising on inheritance tax implications if you’ve been in the UK over a long term period or  have settled in the UK on a permanent basis.

6. Offshore assets: Review on the UK tax position on existing structures and planning for offshore assets to meet your strategic goals of working and living in the UK.

7. Remittances: Structuring of non UK bank accounts to facilitate remittances to the UK and enable tax-efficient movement of capital to the UK with clean capital, mixed funds or other sources of income around the world.

8. Business Investment Relief: Guiding you on the tax-efficient investments in the UK to remit funds and ensure that you benefit from any investments you make into UK companies.

9. Overseas Workday Relief: If you are working in the UK and expect to have a significant number of overseas workdays, you can save on your UK tax exposure. Careful planning and structing of the overseas bank accounts can enable you to minimise your global tax position.

10. Compliance: Helping you get tax advice in your home country, and advising on how this interacts with UK tax legislation. We will also manage and assist with all ongoing UK tax reporting obligations should remain in the UK or leave the UK.