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Where Taxpayers and Advisers Meet

Search found 43 matches

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by NonDom41
Wed Jan 09, 2019 8:53 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non.Domiciled
Replies: 10
Views: 1300

Re: Non.Domiciled

Thank you both for your information. I have been the owner of a small electronics company since 1976, founded in my son's country of birth. This company owns a flat and will gift it to my son before April 05 (before the 15th tax year is over). We visit this country at least once a year and the long ...
by NonDom41
Wed Jan 09, 2019 4:44 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non.Domiciled
Replies: 10
Views: 1300

Non.Domiciled

I came to the UK on Jan 01, 2005 with my then 9 year old son. He is 23 now. I have a written confirmation from HMRC that I am considered a Non-Dom. My son never worked in the UK or earned any money. He went to school and finished University last autumn. My question is: Is he automatically also a Non...
by NonDom41
Mon Nov 26, 2018 1:59 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift/Inheritance Tax Non Domiciled Person
Replies: 13
Views: 1424

Re: Gift/Inheritance Tax Non Domiciled Person

Does this mean that all UK citizens resident in the UK are subject to UK taxes for 3-4 years if they emigrate?
by NonDom41
Sun Nov 25, 2018 2:59 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift/Inheritance Tax Non Domiciled Person
Replies: 13
Views: 1424

Re: Gift/Inheritance Tax Non Domiciled Person

Does this mean that any UK-domiciled person is still liable to UK-tax for 3 or 4 years on his worldwide income after he has left the UK? Even though he has no ties to the UK anymore and his centre of life is undoubtedly in another country? Does this apply to every domiciled UK-resident?
by NonDom41
Tue Nov 20, 2018 7:08 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift/Inheritance Tax Non Domiciled Person
Replies: 13
Views: 1424

Re: Gift/Inheritance Tax Non Domiciled Person

@Goodman Thank you for the clarification. I was not sure because the Non-Dom was not in the UK for the entire calendar year of 2004 and therefore thought the count might begin with the tax year 2005/06. Let's say the Non-Dom leaves the UK and becomes resident in Austria (he keeps no ties to the UK a...
by NonDom41
Tue Nov 20, 2018 4:48 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift/Inheritance Tax Non Domiciled Person
Replies: 13
Views: 1424

Re: Gift/Inheritance Tax Non Domiciled Person

@DavidTreitel You are right - HMRC would not demand UK tax for giving a property away in the USA. However, this change of ownership has to be registered with the US-land registry. The IRS would treat this as a gift and would demand full gift tax. What one can do is give away the property piece by pi...
by NonDom41
Sun Nov 18, 2018 3:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift/Inheritance Tax Non Domiciled Person
Replies: 13
Views: 1424

Re: Gift/Inheritance Tax Non Domiciled Person

Thank you very much.

How is the 15-year grace period calculated ? By tax year or calender year ?

If a NonDom arrived in the UK on January 01, 2005, when does the 15-year time period expire ?
by NonDom41
Sun Nov 11, 2018 11:13 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift/Inheritance Tax Non Domiciled Person
Replies: 13
Views: 1424

Re: Gift/Inheritance Tax Non Domiciled Person

@AGoodman Thank you for your information. Aside from the general 7-year regulation and other possibilities for all domiciled persons, in terms of the non-dom status there are only the aforementioned options, i.e. gifting an asset or transferring to an offshore trust. For example, the donor can gift ...
by NonDom41
Sun Nov 04, 2018 4:59 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift/Inheritance Tax Non Domiciled Person
Replies: 13
Views: 1424

Gift/Inheritance Tax Non Domiciled Person

As long as a Non-Dom is resident in the UK for less than 15 years he qualifies for some tax reliefs on his foreign assets. For example, he can give foreign assets to his children as a gift and this gift is not subject to UK-inheritance or gift tax. Or he can transfer his foreign assets to an offshor...
by NonDom41
Sun Sep 09, 2018 1:44 pm
Forum: Income Tax
Topic: Income Tax on Accumulating Fonds
Replies: 1
Views: 346

Income Tax on Accumulating Fonds

There are two so-called accumulating (roll-up) fonds : A) Reporting fonds, that have to be reported on your income tax return. Their “excessive reported income” is subject to income tax even if this income has not been distributed. B) Non-Reporting fonds that do not need to be reported on your incom...

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