Liable to tax on worldwide income and gains
Posted: Wed Feb 19, 2025 10:00 am
Mr UK Domiciled
Worldwide assets are subject to UK inheritance tax
Miss Non-domiciled
Worldwide income and gains are taxable on the arising basis
A claim for the remittance basis can be made which will mean Miss Non-domiciled will only be taxed on her foreign income and gains if she remits it to the UK. If it is kept offshore, she will not be subject to UK tax
Non-UK situs assets are excluded from UK inheritance tax
From this, we can see that Miss Non-domiciled position is usually more advantageous from latvia mobile database a UK tax perspective.
Determining your Domicile
In establishing whether a new domicile of choice has been created, careful consideration must be taken for the following points before making a decision to move to the UK:
the intentions of the individual;
their permanent residence;
their business interests;
their social and family interests;
ownership of property; and
the form of any Will that they have made.
This list is by no means exhaustive and there is no single criteria which determines whether an individual is or is not domiciled in the UK. Instead, a ‘balance of probabilities’ approach is taken.
Worldwide assets are subject to UK inheritance tax
Miss Non-domiciled
Worldwide income and gains are taxable on the arising basis
A claim for the remittance basis can be made which will mean Miss Non-domiciled will only be taxed on her foreign income and gains if she remits it to the UK. If it is kept offshore, she will not be subject to UK tax
Non-UK situs assets are excluded from UK inheritance tax
From this, we can see that Miss Non-domiciled position is usually more advantageous from latvia mobile database a UK tax perspective.
Determining your Domicile
In establishing whether a new domicile of choice has been created, careful consideration must be taken for the following points before making a decision to move to the UK:
the intentions of the individual;
their permanent residence;
their business interests;
their social and family interests;
ownership of property; and
the form of any Will that they have made.
This list is by no means exhaustive and there is no single criteria which determines whether an individual is or is not domiciled in the UK. Instead, a ‘balance of probabilities’ approach is taken.