Becoming non-resident is for many people the simplest and most effective way of avoiding UK tax, particularly capital gains tax. In many cases, those who choose to move their assets offshore and become non-resident achieve huge savings on their taxes. It is extremely important, however, to ensure that before taking such a major step you are aware of all the dangers and pitfalls that go hand-in-hand with such rewarding tax benefits.
UK tax benefits don't just arise from being classed as non UK resident. If you're lucky enough to be classed as a non UK domicililiary you can obtain beneficial UK tax treatment even if you remain in the UK. Again, though taking advantage of these tax benefits is often not straightforward, and it's essential that you know what you can and can't do especially after the recent 2013 Budget changes.
There have been a lot of changes as from April 2013 including the new statutory residence test, changes to the tax treatment of offshore companies owning UK property, CGT changes for emigrants and various changes for non-doms. This book is updated for all of these.
This tax guide is designed to help the following groups of people:
- Those interested in attaining non-resident status to avoid income tax and CGT in the UK.
- Anyone currently living abroad or planning to live abroad for most of the year.
- Those currently working or planning to work outside the UK.
- Those interested in minimizing tax using offshore companies and trusts.
- Any foreign nationals/Non UK domiciliaries currently living in the UK, wishing to use their status to minimize tax. This is even more important now after the changes recently announced in the recent Budget Reports.