2025 UK Non Dom Tax Free 4 years
- Thread starter yngmind
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We know that. Do British politicians realize that? Or do they think they can brute force compliance like they try with everything else?
Now they want to reform IHT. The suggestion sounds insane in terms of gift tax alone.
https://inews.co.uk/news/politics/s...rs-lower-incomes-inheritance-tax-raid-3864432
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The Treasury is also said to be looking at changing the rules around the taper rate.
Introducing a system whereby anyone who receives more than £125,000 in gifts – over their lifetime – is taxed on it based on their income, rather than the size of the gift, would ensure those on lower wages pay less, the Institute for Public Policy Research (IPPR) said.
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I would not consider the 4 year scheme any time soon until the tax situation is clear overall.
https://inews.co.uk/news/politics/s...rs-lower-incomes-inheritance-tax-raid-3864432
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The Treasury is also said to be looking at changing the rules around the taper rate.
Introducing a system whereby anyone who receives more than £125,000 in gifts – over their lifetime – is taxed on it based on their income, rather than the size of the gift, would ensure those on lower wages pay less, the Institute for Public Policy Research (IPPR) said.
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I would not consider the 4 year scheme any time soon until the tax situation is clear overall.
They have already. Don't see how it makes them worse. USA have this kind of taxation for decades and it's one of the best doing economies. It brings extra money in from expats. Some renounce citizenship, but if they gonna live back in USA, they have to pay taxes again.
There is much more incentive to retain access to the US than the UK. With the EU right next door and the small size and low standard of living, the UK is the western nation people immigrate to if they can’t get into a better one.
It is about immigration. People tolerate US citizenship-based taxation because of the opportunities provided in the US and the size/relative distance. The UK offers nothing you can’t get right next door in the EU, and you don’t even need anything except your British passport to move to Ireland. British citizens will be much more apt to leave and renounce than︀ Americans.
No, immigrants to UK will not be taxed on the fact that they are UK citizen, because they aren't. So it doesnt affect immigration.
UK citizen will be taxed based on their passport. So, it doesnt matter where they live. They don't have anything to tolerate. If they like it or not, they will pay taxes independent where they live.
UK citizen will be taxed based on their passport. So, it doesnt matter where they live. They don't have anything to tolerate. If they like it or not, they will pay taxes independent where they live.
UK residents with indefinite leave to remain aren’t taxed by the UK? Strange assertion.
A UK citizen will not be taxed if he renounces his citizenship. With the ease of immigrating to the EU, proximity of Europe, and the existence︀ of CTA, there is little reason to keep UK citizenship in that case. It’s a︁ different proposition than the situation for US citizens. So, yes, it is ultimately about immigration︂ (or emigration, depending on perspective).
A UK citizen will not be taxed if he renounces his citizenship. With the ease of immigrating to the EU, proximity of Europe, and the existence︀ of CTA, there is little reason to keep UK citizenship in that case. It’s a︁ different proposition than the situation for US citizens. So, yes, it is ultimately about immigration︂ (or emigration, depending on perspective).
Only a very small part of the UK nationals will give up their passport. Its a pretty big hassle: getting a new, good one, which︀ also gives to not too much hassle if you want to live in Europe or︁ USA without getting a new visa constantly.
The people who want still want go through︂ the hassle to get a new passport, the UK would have lost their taxable income︃ anyway.
The people who want still want go through︂ the hassle to get a new passport, the UK would have lost their taxable income︃ anyway.
Non-Dom Replacement Raises Prospects for Investors Coming to UK
https://news.bloomberglaw.com/daily...t-raises-prospects-for-investors-coming-to-uk--- quote start
It’s also worth exploring whether the individual could be treaty resident in the other country even if they are also resident in the UK under the UK statutory residence test rules. If so, this will exempt their foreign income and gains from UK tax for the qualifying period.
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Humm sounds good on paper. A person can be tax resident in more than one country at same time which is true. However if any tie breaker clause in DTA allows a person to have foreign assets taxed in the other︀ country where they are also tax resident then be assured you will be on first︁ name terms every year with HMRC during constant audits. However worth exploring depending on nature︂ of assets you hold. A ruling from HMRC would also help I guess.
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