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Being tax resident is largely about where you live day to day, although the rules are complex and designed to make it harder for people to claim non-residency. UK tax residency determines what sources of income and gains are subject to in the UK.
In recent years, legislation has sought to target assets owned by non-residents. UK property owned by non-residents is subject to income tax and capital gains tax and whilst a UK personal allowance may be available to some non-resident individuals tax returns may still be due with non-compliance penalties arising.
Non-domiciled individuals with income from outside the UK tax net need to consider where each source of income is taxed and whether such income ever needs to be remitted to the UK. The remittance based tax regime is particularly complex from an administrative point of view requiring individuals to operate numerous overseas bank accounts to segregate sources of income and gains.
Non-domicile status used to mean that overseas assets are not subject to inheritance tax but UK assets would be. However since 1 April 2017, some non-domiciled individuals will be deemed domiciled in the UK and their worldwide assets subject to inheritance tax. There are a number of planning structures which can be implemented in the right circumstances to negate this.
If you would like more information or would like to speak to us direct then call us on 020 8567 3451. Or if you would prefer, ask us a question online.