MOVING TO THE UK TAX ADVICE
NON DOMS & BRITS REPATRIATING
Our team of UK tax advisors specialise in working with expats relocating to the UK. Learn how to take advantage of your non-dom and new arrival status with GTC.
NON DOMICILE TAX ADVICE
Broadly, you will be considered non-domiciled if you were born outside of the UK to non domiciled parents and you do not consider the UK to be your long term home.
It is possible for a foreign national to live/work in the UK for a period of time and continue to retain a non domicile status, providing that an argument can be sustained that their long term home is outside the UK.
Non doms have the option to pay tax under the arising basis or the remittance basis.
Arising basis
Pay UK tax on worldwide incomes and gains
Remittance basis
Exempt foreign incomes and gains from UK taxation
PAYING UK TAXES MOVING TO THE UK
Non doms can benefit from special rules in the UK, which gives the option to exempt foreign incomes, foreign gains and foreign assets from UK taxation.
Wealth structuring advice should be explored to ensure exemption benefits are retained throughout your period of residence in the UK.
MOVING TO THE UK TAX SERVICES
Work with experienced expat tax advisors to reduce the amount of UK tax you pay
SRT residency planning
GTC can advise steps to achieve a resident status upon arrival, rather than at the beginning of the tax year, to mitigate unexpected tax charges.
UK tax planning
GTC can advise on the strategies available to new arrival taxpayers to exempt foreign incomes, foreign gains & foreign assets from UK tax.
Double tax mitigation
GTC can advise on strategies to mitigate double taxation through reliance on double taxation agreements, to ensure that you are not taxed twice.
UK tax return
GTC can submit your annual UK tax fillings taking into account all reliefs available to ensure that your affairs are up to date with HMRC.
READY TO OPTIMISE TAXES?
In recent years, the government has tightened non dom rules to ensure fair tax contributions, making this area of tax increasingly complex.
That’s where GTC comes in; to avoid unnecessary tax costs, it’s crucial to understand local and international tax rules.
We can establish tax-efficient structures that allow you to retain more of your international earnings.
MOVING TO THE UK FAQs
Do I need to pay tax on foreign income?
If you are resident, as a starting point, you will be liable to UK taxation on worldwide incomes and gains and if you are non-resident, you will be liable to UK taxation on UK sources of income and UK property gains only.
If you are a non dom, you will have access to a special tax regime which gives you the option to exempt foreign incomes and gains from UK taxation.
It is essential that advice is sort regarding the structure of your wealth and bank accounts, ideally prior to relocating to the UK, in order to maximise the advantages afforded under the special tax regime.
Am I non-domiciled?
Broadly, you will be considered non-domiciled if you were born outside of the UK to non domiciled parents and you do not consider the UK to be your long term home.
Therefore, it is possible for a foreign national to live/work in the UK for a period oftime and continue to retain a non domicile status, providing that an argument canbe sustained that their long term home is outside the UK.
Will I be subject to dual taxation?
The UK has over 120 double taxation agreements which provide rules to mitigate double taxation when two tax authorities seek to tax the same income or gain.
Broadly, the double taxation agreement will give the sole taxing rights to one tax authority or will require one tax authority to give a credit for tax suffered in the other tax authority.
What is the tax return filing deadline?
The UK tax year runs from 6 April to 5 April.
The tax return filing deadline is 31 October following the end of the tax year if you are filing paper or 31 January following the end of the tax year if you are filing electronically.
The payment deadline is 31 January following the end of the tax year.
Do I need to complete a tax return if I live in the UK?
As a rule of thumb, if you are resident and in receipt of overseas incomes and gains, then you will need to file a UK tax return.
This is on the basis that you will either need to:
1) pay tax on the overseas incomes and gains; or
2) claim the remittance basis so that you do not have to pay tax on the overseas incomes and gains; or
3) make a claim under a tax treaty to either exempt or lower the rate of tax suffered on the overseas incomes and gains.
What are GTC’s tax advisory fees?
Our tax advisory charges differ depending on the area of tax we are advising on and the complexity of the situation.
Our fees will be disclosed in the engagement letter or via email and you will only be charged if you decide to proceed with our services.
