UK non domicile tax regime

[Konstanz]

What do you think about UK non domicile tax regime?

Not so much information on this forum about it.

Has anyone got it on this forum?

How it works in practice?


Tax if you're non-domiciled

You do not pay UK tax on your foreign income or gains if both the following apply:

• they're less than £2,000 in the tax year
• you do not bring them into the UK, for example by transferring them to a UK bank account

If this applies to you, you do not need to do anything.


https://www.gov.uk/tax-foreign-income/non-domiciled-residents

 

[pierino]

are you seriously looking for a way to not pay taxes on less than 2000£?‌

 

[Konstanz]

I would like to claim remittance basis. Of course I am talking about more than‌ 2k..

If your income is £2,000 or more

You must report foreign income or gains‍ of £2,000 or more, or any money that you bring to the UK, in a⁠ Self Assessment tax return.

You can either:

• pay UK tax on them - you⁤ may be able to claim it back
  
• claim the ‘remittance basis’
  

Claiming the remittance basis⁣ means you only pay UK tax on the income or gains you bring to the⁢ UK, but you:

• lose tax-free allowances for Income Tax and Capital Gains Tax (some ‘︀dual residents’ may keep them)
  
• pay an annual charge if you’ve been resident of︁ the UK for a certain amount of time
  

 

[Martin Everson]

Good but not a long term solution as they start charging you as you know.‍

I had it⁠ for a while before I left UK many years ago.

 

[Piano]

“
You pay an annual charge of either:

• £30,000 if you’ve been here for at‌ least 7 of the previous 9 tax years
  
• £60,000 for at least 12 of the‍ previous 14 tax years “
  

will Brexit change this status ?

 

[Martin Everson]

No. Unless hunger gets‌ to UK government during this covid crisis or Labour gets into power maybe..lol.