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Top Ten UK Tax Tips for Expats

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1 Top Ten UK Tax Tips for Expats
16th September 2009 Debbie Annells Managing Director AzureTax Ltd Chartered Tax Advisor The British Chamber of Commerce


3 Top Ten UK Tax Tips Filing UK Tax Returns Non UK domicile status
Inheritance tax planning Nominate life insurance / pension policies Cheapest investment vehicles Location of assets Owning UK property UK National Insurance Pensions – QROPS Schemes Correctly drafted Wills

4 Filing UK Tax Returns On-line filing – residents – non residents
UK Government Gateway Non residence forms as part of UK ITR – tick correct boxes! New HMRC6 Booklet replaces IR20 on “Residence and Domicile”

5 Non UK domicile status Affidavit / statement of non UK domicile status
“Test trusts” not necessary! New statement in non residence forms as part of UK ITR Tick correct boxes State year you become non UK dom

6 Inheritance Tax Planning
IHT Nil rate band, each person. £285,000 £300,000 £312,000 £325,000 £350,000 Transferable nil rate bands for spouses UK pension funds balances over limits come within IHT Remember FOTRA securities

7 Nominate life insurance / pension policies
Check nominations Works for non doms / UK doms UK policies or non UK policies

8 Cheapest investment vehicles
Insurance wrapper most expensive custody arrangements? typically costs 7%! Company / custody accounts usually cheaper Trusts can usually open custody accounts easily.

9 Location of assets Check location. Is it a high tax location?
Can asset location be moved?

10 Owning UK property Joint ownership (“joint tenancy”)
Personal ownership (“tenants in common”) When to own through vehicles? offshore company Trust arrangement

11 UK National Insurance Class 2 or 3.
Doesn’t usually affect non dom status

12 Pensions – QROPS Schemes
QROPS transfers no longer possible to HK or Singapore (since Dec08)

13 Lifetime trusts Still possible despite 2006 Finance Act impact on trusts Non dom spouse? Nominate life insurances? To use up IHT nil rate band every 7years

14 Correctly drafted Wills
Both spouses should have Wills! If non UK domicile claimed – state in preamble Old Wills may affect transferable nil rate IHT band usage Most Wills need be redone often in Asia

15 Any Questions?

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