An annual £50k Remittance Basis Charge (RBC) from 2012/13 for non-domiciles resident in 12 of the previous 14 tax years will not deter wealthy foreign nationals from sheltering foreign income and gains. This increase will not generally affect those working long-term in the UK many of whom have paid tax on the arising basis since 6 April 2008.
Non-domiciles’ tax-free remittances for investment in new UK trading companies should be attractive. An equity or loan investment can be made with reinvestment into another qualifying company. Alternatively transferring disposal funds out of the UK will avoid a tax charge on the original remittance. Non-domiciles importing assets for...
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An annual £50k Remittance Basis Charge (RBC) from 2012/13 for non-domiciles resident in 12 of the previous 14 tax years will not deter wealthy foreign nationals from sheltering foreign income and gains. This increase will not generally affect those working long-term in the UK many of whom have paid tax on the arising basis since 6 April 2008.
Non-domiciles’ tax-free remittances for investment in new UK trading companies should be attractive. An equity or loan investment can be made with reinvestment into another qualifying company. Alternatively transferring disposal funds out of the UK will avoid a tax charge on the original remittance. Non-domiciles importing assets for...
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Non-domiciles
