Matthew Shayle (Burges Salmon) answers a query on how a non-domiciled UK resident can use the new rules to bring offshore funds into the UK.
Question
Since May 2001 MC has continuously been UK resident although he is not domiciled in the UK (a ‘res/non-dom’). Before arriving in the UK he owned a considerable personal fortune through inheritances and the sale of his adventure travel business in South America. When he settled in the UK MC did not take tax advice other than to rely on the imparted wisdom of his cousin GC. GC had previously settled in the UK and told MC to bring onshore a ‘living fund’ at the outset but to leave the rest offshore. This is what MC did and he has claimed the remittance basis each year since. MC now wants to...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Matthew Shayle (Burges Salmon) answers a query on how a non-domiciled UK resident can use the new rules to bring offshore funds into the UK.
Question
Since May 2001 MC has continuously been UK resident although he is not domiciled in the UK (a ‘res/non-dom’). Before arriving in the UK he owned a considerable personal fortune through inheritances and the sale of his adventure travel business in South America. When he settled in the UK MC did not take tax advice other than to rely on the imparted wisdom of his cousin GC. GC had previously settled in the UK and told MC to bring onshore a ‘living fund’ at the outset but to leave the rest offshore. This is what MC did and he has claimed the remittance basis each year since. MC now wants to...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
