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Where Taxpayers and Advisers Meet

Search found 47 matches

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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: 1636

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: 1636

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: 1636

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: 376

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...
by NonDom41
Thu Jul 26, 2018 4:44 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance NonDom
Replies: 11
Views: 1478

Re: Inheritance NonDom

Sorry, another question : A new regulation in continental Europe says that the non-dom described above could determine in his last will that his nationality (instead of his residency) should apply. If such a last will has been created in his land of birth by a notary before the non-dom has been resi...
by NonDom41
Mon Jul 23, 2018 5:00 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance NonDom
Replies: 11
Views: 1478

Re: Inheritance NonDom

Thank you, maths.
by NonDom41
Mon Jul 23, 2018 12:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance NonDom
Replies: 11
Views: 1478

Re: Inheritance NonDom

A last question : As agreed already, If a NonDom makes a gift from his foreign bank account to his son's foreign bank account (and the NonDom lives in the UK below the 15 year threshold and the gift has no UK origin or other relation to the UK) this gift is UK-tax free. Is an official gift certifica...
by NonDom41
Fri Jul 13, 2018 9:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance NonDom
Replies: 11
Views: 1478

Re: Inheritance NonDom

Thank you, maths. A last question : If the NonDom is resident for more than 15 years in the UK and dies in the UK after this period of time I think the heir has to pay UK-inheritance tax (if nothing has been arranged before, i.e, trust, gift etc). Just as a quick reminder : All these assets are outs...
by NonDom41
Wed Jul 11, 2018 10:03 pm
Forum: Income Tax
Topic: Bank charges deductible ?
Replies: 1
Views: 454

Bank charges deductible ?

If you receive interest payments from an investment portfolio at a foreign bank you have to report these interest payments in your income tax return. This is clear. However, the question is : The bank charges you fees for running your portfolio. Can you deduct these fees from the interests you repor...
by NonDom41
Mon Jul 09, 2018 5:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance NonDom
Replies: 11
Views: 1478

Re: Inheritance NonDom

Thank you, maths. This means that establishing an offshore trust could be taken into consideration in order to save inheritance tax. The crucial issue is finding a reliable trustee. I suppose the settler of the trust or the beneficiary cannot appoint himself as trustee. However, anybody else can be ...

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