Non domicile resident over 7 years who has accumulated rental profits abroad of £300,000 in one tax year 2009/2010.
I want to pay the £30,000 RBC charge, so do not have to declare this in the UK.
One thought arises, is that I could wash it through as a spread bet where I would make a gift of the £200,000 abroad to another individual. As I am not UK domiciled for IHT, that would not cause a significant problem.
He could then place a spread bet that England will win the World Cup.
Say the 100 binary index is 21 sell 23 buy.
His bet will be at £8,695 to buy per point, his bet = 23*£8,695= £200,000.
I would place the opposite bet that England will not win. So my bet would be sell at 21 at £8,695 per point
England don’t win surprise surprise
I win 21@ £8,695= £182,608
He loses £200,000
But I now have access to my money in UK at a cost of £17,392 with no further taxes to pay.
If I knew the Spreadbet Company well enough, this could be lower.
Lots of hurdles I know, but is it a runner (the IHT bit not England winning!)
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