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.