Non-Domicile Tax

Having non-domiciled status while residing in the United Kingdom means you can potentially enjoy favourable tax arrangements. As a UK resident, non-domiciled individual, you may be able to take advantage of the remittance basis of taxation, meaning that you would only be liable to UK taxation on your UK source income and gains, and any remittances into the UK of income and gains from overseas. Whilst you may not be taxed on your worldwide income and gains, the scope for remittances into the UK can be wide reaching and in some instances not obvious.

At Arnold Hill & Co, we can help you to plan so that a remittance of funds to the UK is tax efficient, saving you from incurring expensive liabilities. However, to take advantage of non-domiciled tax arrangements, early planning is key – preferably, before you become a resident of the UK.

• Using the Statutory Residence Test to determine your UK residency status and advising on residency rules
• Determining whether you are UK domiciled or non-UK domiciled and the consequential impact on your UK tax position
• Advice on segregated accounts and the importance of avoiding mixed funds
• Tax advice for non-domiciled individuals arriving in and leaving the UK
• Advice on the arising basis of taxation vs. the remittance basis
• Advice on how to retain your non-domiciled tax status if you are living in the UK
• Advice on how UK source income will be taxed if you move abroad
• Assisting with compliance and reporting requirements to ensure you fulfil your legal obligations

Our Approach To Supporting Non-Domiciled UK Residents

Whatever your reason for becoming a UK resident, it’s vital to manage your assets in the most tax-efficient way. Complying with the many rules and regulations can be confusing, particularly as the legislation affecting non-domiciled UK residents has changed considerably over the past few years.

Therefore, it is prudent to work with an expert tax advisor who has the experience, knowledge, and resources to deliver a bespoke service that meets your needs. We have considerable expertise in providing tailored advice for private individuals and we are committed to building positive working relationships that take into account the different perspectives offered by your team of advisors.

Managing Your Assets And Investments Outside The UK

As a non-domiciled UK resident, it is likely that you will have assets elsewhere in the world. We can assist with the creation, administration, and reshaping of offshore wealth-holding structures and will provide clear and concise advice about the holding of UK assets and investments alongside this.

We can work proactively with professionals in other jurisdictions to review your existing structures and ensure that our tax advice is filtered throughout the offshore structure.