For UK residents not domiciled in the UK, there are special rules that apply to your overseas income and capital gains. Companies999 are here to help you understand the terms and conditions, while also explaining how the tax system works for company owners in and out the UK.
These three categories are deemed UK domiciled for income tax, capital gains tax and inheritance tax purposes.
Once deemed, you cannot use the remittance basis for overseas income and capital gains, they are taxed as they arise.
Unremitted income and capital gains from previous tax years will still be taxed on the remittance basis: tax-free if kept outside the UK and taxed if remitted to the UK.
Both UK and overseas assets will be subject to UK inheritance tax.
The Government is taking action against those who were born with a UK domicile and then emigrate to acquire a domicile elsewhere before returning to the UK.
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