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AZURE TAX CONSULTING Top Ten UK Tax Tips for Expats 16 th September 2009 The British Chamber of Commerce Debbie Annells Managing Director AzureTax Ltd.

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Presentation on theme: "AZURE TAX CONSULTING Top Ten UK Tax Tips for Expats 16 th September 2009 The British Chamber of Commerce Debbie Annells Managing Director AzureTax Ltd."— Presentation transcript:

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

2 AZURE TAX CONSULTING

3 1.Filing UK Tax Returns 2.Non UK domicile status 3.Inheritance tax planning 4.Nominate life insurance / pension policies 5.Cheapest investment vehicles 6.Location of assets 7.Owning UK property 8.UK National Insurance 9.Pensions – QROPS Schemes 10.Correctly drafted Wills Top Ten UK Tax Tips

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

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

8 AZURE TAX CONSULTING 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 AZURE TAX CONSULTING Location of assets Check location. Is it a high tax location? Can asset location be moved?

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

11 AZURE TAX CONSULTING UK National Insurance Class 2 or 3. Doesnt usually affect non dom status

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

13 AZURE TAX CONSULTING 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 AZURE TAX CONSULTING 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 AZURE TAX CONSULTING Any Questions?


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