Domicile & residence
Domicile/residence
Recently, the Government has abolished a system of taxing ‘non-doms' that goes back to the Napoleonic Wars! They have also changed some of the residence rules.
Foreign nationals and those who spend substantial time abroad need expert help to make sure that they do not fall foul of the new regime. In some cases, this need only involve changing their investments. Did you know that a non-domiciled individual can escape UK tax (and does not have to pay the £30,000 levy) if his money is invested in an offshore bond and he takes no more than 5% p.a. from the bond?
We recently obtained a repayment of over £47,500 for 2007/08 for a client whose residence status was such that he was entitled to claim relief for workdays spent abroad. While reviewing his affairs, we noted that he had prepared his 2006/07 tax return himself and had not claimed a similar relief for that year - HMRC has now agreed a further repayment of £3,500 plus interest!
Thank You
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GN, Oxford
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