Domicile & Residence
The last labour Government abolished a system of taxing 'non-doms' that dated to the time of the Napoleonic Wars! Subsequent governments have extended and tightened the rules and have also substantially changed the residency rules. Meanwhile, recent agreements with countries such as Switzerland mean that HMRC is looking carefully at taxpayers with overseas connections.
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?
