Bringing funds to UK by Non-Doms

[Victor Morales]

Hi,

I am Spanish in the process of moving to the UK to work for a UK employer. I have been working 12 years in different countries and have always been taxed in those countries by my global income. I was informed that becoming resident and non-domiciled is the most tax efficient situation for me. I would be taxed only on income or gains within the UK and not on overseas as long as I do not bring those funds to UK. I may need to bring to the UK savings that I have abroad to invest in property. My questions are for how long can I declare as non-dom in the UK?, would I become resident domiciled in case I buy property?, what would it happen in case I bring those savings (already taxed abroad) to the UK?, What kind of documents should I submit to avoid taxes when bringing those funds? Would it be better to bring those funds before becoming resident in the UK?
Thanks for your feedback

[AGoodman]

First, any income you receive before becoming UK resident is irrelevant for UK tax. You can bring that into the UK tax free as it is effectively capital for UK tax purposes.

As to the future, you should get some proper advice before electing to be taxed on the remittance basis. You may well be able to remain on the remittance basis for up to 15 years until you become deemed domiciled but bear in mind that:

- the election is not tax free - you would lose your personal allowance; and
- from year 8, you would have to pay the fee of £30k p.a., increasing to £60k from year 13.

You make the election in your tax return for the relevant tax year.