Financial Skills: Tax: Residence and Domicile - Tax Aspects

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Course Overview

This course aims to provide a thorough grounding in the principles of residence and domicile for UK tax purposes and also considers some planning opportunities available for those leaving the UK and those coming here. The course covers UK law and practice on residence, ordinary residence and domicile and discusses planning opportunities on leaving the UK in particular areas such as capital gains tax. It also briefly reviews the remaining tax issues involving offshore trusts.

Course Outline

RESIDENCE AND ORDINARY RESIDENCE

• Review of current rules
• HMRC practices and procedures
• Case law analysis
• Rules for arrivals and departures
• Available concessions

DOMICILE

• Concepts of domicile of origin, choice and dependency
• Changing domicile
• Deemed domicile
• Remittance basis planning
• IT and IHT differences

INCOME TAX RULES

• Employment income
• Self-employment income
• Investment income
• Using the remittance basis
• Leaving and arriving in the UK

CAPITAL GAINS TAX

• Emigration rules
• Ordinary residence rules
• Selling UK and non-UK assets
• Offshore trusts

INHERITANCE TAX

• Planning issues for non-resident and non-domiciled individuals
• Status of assets and excluded property
• Use of trusts and timing issues

Financial Skills: Tax: Residence and Domicile - Tax Aspects / CM025433