UK Resident Foreign Domiciliaries - August 2012

Taxable remittances outline

Being a foreign domiciliary can have significant tax advantages and there may be opportunities for successful planning and arranging of affairs in a tax efficient manner. This is because the general position is that overseas income and gains not remitted to, or giving rise to a benefit received in, the UK are potentially not subject to UK tax. This briefing note provides a brief outline as to what constitutes a taxable remittance. The rules are, however, highly complex and there are significant traps and pitfalls such that a UK resident foreign domiciliary who has not received proper advice can find themselves faced with significant unexpected tax liabilities.