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Does a foreigner have to report an offshore company earnings kept abroad
-
markdowning1023
- Posts:1
- Joined:Mon Nov 14, 2016 4:16 am
Does a foreigner have to report an offshore company earnings kept abroad ?
Re: Does a foreigner have to report an offshore company earnings kept abroad
If he's UK resident, yes.
With a pinch of salt take what I say, but don't exceed your RDA
Re: Does a foreigner have to report an offshore company earnings kept abroad
Not enough info'.
However, if the "foreigner" is non-UK domiciled for UK tax purposes it may not be necessary to report the non-UK source income.
However, if the "foreigner" is non-UK domiciled for UK tax purposes it may not be necessary to report the non-UK source income.
Re: Does a foreigner have to report an offshore company earnings kept abroad
But if the foreigner controls the company, it may have a presence in the UK .Not enough info'.
However, if the "foreigner" is non-UK domiciled for UK tax purposes it may not be necessary to report the non-UK source income.
Re: Does a foreigner have to report an offshore company earnings kept abroad
Hypothetically, even if a "presence" subsists in the UK it would need to be a "p/e" and in addition trade would need to be carried on through it for a corporate tax exposure to arise and hence a requirement to report.But if the foreigner controls the company, it may have a presence in the UK
If either condition is not satisfied then even if there is a UK "presence" the non-resident company must be trading in the UK to precipitate an income tax charge and hence a reporting requirement.
Under either scenario it is the company not the "foreigner" referred to by the poster who has the obligation to report.
The foreigner will only have an obligation to report income of the non-resident company if he/she falls foul of an anti-avoidance provision (eg s 735) which is unlikely (although possible) if non-UK domiciled.
Bottom line is that the query is far too general for any reasoned response to be provided.
