Planning for UK resident non-domiciles has become far more complex and it is now necessary to review their status annually. This has opened up opportunities for advisers, explains David Truman, partner at Menzies
A non-domicile (non-dom) may claim to be a remittance basis user, and avoid the arising basis, if they are within one of the following categories in any year: 1. They pay the remittance basis charge (RBC) of £30,000. 2. They have been resident in the UK for less than 7 of the last 9 years. 3. Their non-UK income and gains amount to less than £2,000 in the year. 4. They are under 18. The following are a range of pitfalls which commonly arise in advising non-doms who have taken poor or no advice and some potential opportunities for planning: PITFALLS Status checking: It is...
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