| How having non UK ordinary residence status can save UK tax |
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When you're looking at your UK tax status, you'll need to consider not only your residence status and your domicile status (these are the most well known) but also your ordinary residence status. Ordinary residence is in many cases hard to 'pin down' but it can have a significant impact on your UK tax liability.Some of the main cases where ordinary residence can be important include: - If you're ordinary resident in the UK you'll be subject to capital gains tax even if you're non resident- Many of the anti avoidance provisions apply if you're either UK resident or ordinary resident - If you're UK resident but non UK ordinary resident you can claim the remittance basis on foreign earnings - Interest payments on UK Government securities (ie gilts) are exempt from UK income tax where you are not UK ordinarily resident. - if you're non UK ordinarily resident you can obtain interest from UK banks and building societies free of UK income tax - If you're UK resident but not ordinarily resident and a citizen of another commonwealth country you can claim the remittance basis of tax (ie only taxed when overseas income is brought into the UK) for overseas investment and trading income This article looks at how having a non UK ordinary residence status can save UK taxes - even if you're otherwise a UK resident and how you would go about losing UK ordinary residence status.
Redirect to: http://www.wealthprotectionreport.co.uk/members/229.cfm |
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