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Non-Resident and Offshore Tax Planning

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Non-Resident and Offshore Tax Planning

By: Lee Hadnum

Normal price: 24.95
Our price: 23.7 + postage
Bargain: save £1.25 !

Product code: 22031
ISBN: 1904608205
136 pages
Format: Pb
Published by: Taxcafe UK Ltd, 2005, 4th edition

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Non-Resident and Offshore Tax Planning - front page cover image

Description of Non-Resident and Offshore Tax Planning

In many respects this is the ultimate form of tax avoidance. By becoming non-resident or moving your assets offshore it is possible to cut your tax bill to zero. However, there are also many traps to avoid and pitfalls to negotiate.

This tax guide is designed to help the following groups of people:

- Anyone wanting to become non-resident to avoid UK income tax and capital gains tax.
- Those living abroad or planning to live abroad for part of the year.
- Anyone currently working abroad or planning to work abroad.
- Anyone interested in using offshore trusts and companies to minimise their taxes.
- Foreign nationals living in the UK wanting to make the most of their special tax status.

Non-Resident & Offshore Tax Planning is written in plain English and is crammed full of examples and tax planning advice. Subjects covered include:

- Clear but detailed explanation of "Non Residence" and "Domicile".
- How to become non-resident and how this will affect your tax bill.
- How to avoid UK income tax on your rents, interest, dividends, pension and employment income.
- How to totally avoid paying capital gains tax in the UK and abroad.
- Traps to avoid to prevent gains being subject to UK capital gains tax.
- How to lose your UK domicile and avoid inheritance tax.
- How foreign nationals ("non domiciles") can use their special status to avoid UK taxes.
- Detailed advice for overseas property investors.
- How to receive tax-free lump sums when you work abroad.
- Protecting your property investments from the UK taxman when you live or work abroad.
- How to make the most of Double Tax Relief.
- How to become a Tax Nomad and avoid tax wherever you go.
- Tax benefits and dangers of offshore trusts.
- Pros and cons of offshore companies.
- How double tax treaties can be used to save tax.

Examples are used throughout to explain important points.

Non-Resident and Offshore Tax Planning - Chapter headings

1. Introduction

2. Residence, Ordinary Residence & Domicile

- Why do Residence & Domicile Matter?
- Becoming Non-Resident
- The Importance of 'Ordinary Residence'
- Residence in a Nutshell
- Why 'Domicile' is Important for Tax Planning
- Watch Out for this Inheritance Tax Trap

3. How You Can Become Non Resident and Avoid UK Tax

- What You Stand to Gain
- Convincing the Taxman You Are Non Resident
- How to Avoid Timing Traps
- How the Taxman Decides Residence Status

4. How to Avoid UK Income Tax

- Introduction
- Rental Income
- Interest & Royalties
- Dividends
- Pension Income
- Employment Income
- UK Social Security Contributions
- Pension Planning
- How to Avoid Jumping out of the Frying Pan

5. How to Avoid UK Capital Gains Tax

- Introduction
- Countries with Generous CGT Rules
- Exceptions to the Five Year Rule
- Traps to Avoid in the Year you Depart
- Out of the Frying Pan and into the Fire
- How to Postpone Disposals and Avoid Paying Capital Gains Tax
- Avoiding Capital Gains Tax on Business Assets
- Sale of a Former Home
- Favourable Tax Jurisdictions
- Using Enterprise Investment Schemes & Venture Capital Trusts
- Offshore Investments for UK Residents

6. How to Avoid Inheritance Tax

- Introduction
- How to Lose Your UK Domicile
- How to Establish an Overseas Domicile
- Retaining Your Domicile of Origin

7. How Foreign Nationals Can Escape UK Tax

- Non-UK Domiciliaries
- Income Tax Planning
- Using Split Contracts to Reduce Income Tax
- Capital Gains Tax Planning
- Making the Most of the Remittance Rules
- Paying Less Tax on Investment Income
- Incorporating Your Business to Avoid Capital Gains Tax
- Buying Property Overseas

8. Working Overseas - a Powerful Tax Shelter

- Introduction
- Tax Deductible Expenses
- Tax Free Termination Payments
- Protecting Your Property Investments from the Taxman

9. Making the Most of Double Tax Relief

- Introduction
- Credit Relief
- Expense Relief

10. Tax Benefits of Offshore Trusts

- Introduction
- How Offshore Trusts Are Taxed
- Capital Gains Tax Consequences
- Inheritance Tax Consequences
- Dangers for UK Domiciliaries
- When an Offshore Trust Can Save You Tax
- UK Resident but NOT UK Domiciled
- Where Do You Set Up a Trust & How Much Does it Cost?

11. Tax Benefits of Offshore Companies

- Introduction
- How Inland Revenue Spots Phony Offshore Management
- Apportionment of Capital Gains
- Benefits in Kind
- Using a Non-resident Trust and Company
- Using an Offshore Company & Trust: Non UK Domiciliaries

12. Investing in UK Property - Case Study

- Direct Ownership
- Using a Trust to Own the Property
- Using an Offshore Company
- Conclusion

13. Becoming a Tax Nomad

14. Double Tax Treaties

- How Double Tax Treaties Work
- Review of the UK-Isle of Man Double Tax Treaty
- Why the Isle of Man is so Attractive
- How to Become Resident in the Isle of Man
- Using Double Tax Treaties to Save Tax
- Treaty Relief
- Considering a Move to Spain

15. Buying Property Abroad

- Introduction
- UK Resident/Ordinarily Resident and Domiciled
- Non-Resident/Ordinarily Resident and Non-UK Domiciled
- UK Resident/Ordinarily Resident and Non-UK Domiciled
- Use of an Offshore Company/Trust
- What About the Overseas Tax Implications?
- Double Tax Relief (DTR)
- Summary

Authobiography of Lee Hadnum

Lee Hadnum LLB ACA CTA is a rarity among tax advisers having both legal and chartered accountancy qualifications. After qualifying as a prize winner in the Institute of Chartered Accountants entrance exams, he went on to become a Chartered Tax Adviser (CTA) and specialize in offshore and overseas tax planning. Lee is the author of several other Taxcafe.co.uk tax guides including Using a Company to Save Tax and How to Avoid Tax on your Stock Market Profits.

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