Want to cut down on your tax bill? Why not live abroad, at least for part of the time?

Article Abstract:

Making a change in residence status can have a significant impact on an individual's tax liability. It is possible to be domiciled outside the UK, which means that tax is only payable on non-UK income and gains only to the extent that the income and gains are remitted to the UK. Some people choose to work in the UK but to largely live outside the country. In this case, they are regarded as resident in the UK only if they are in the country for at least 183 days of the year. Having a house in the UK and visiting it does not mean that the person concerned is necessarily deemed to reside in the UK.

Column, Tax assessment, Domicile in taxation, Domicile (Taxation)

---

The tax temptation Labour must resist

Article Abstract:

It is believed that the UK government is considering making changes to inheritance tax. It is unlikely that this tax will be abolished altogether, even though it only accounts for around 1.5% of Inland Revenue receipts. It is more likely that inheritance tax will be retained, with stricter regulations being introduced. It is even possible that the government could decide to return to capital transfer tax, introducing some form of lifetime gifts tax.

Public Finance Activities, Inheritance Taxes, Tax policy

---

You can't take it with you, so why not give it away now?

Article Abstract:

Inheritance tax is payable at 40% on any money remaining in a deceased's estate after the current allowance of 215,000 pounds sterling has been deducted. It includes some transfers made within the past seven years, and there are some tax allowances for transfers made at least three years previously. The best way of avoiding inheritance tax is to give assets away. This can be in the form of small gifts or in the form of a transfer between spouses.

Similar abstracts:

• Abstracts: Be a sport - but do you really need those trainers? Pupil power. Your first baby: you must be so happy ... mustn't you?
• Abstracts: Regulator backs down on electricity price cuts. BAe casts fresh doubt on Airbus super-jumbo. Lang stuns City by blocking rival bids for South West by Severn Trent and Wessex
• Abstracts: Wanted: but dead or alive? Will a change of scene leave Beryl Cook uninspired? Good old Hume, but what exactly does he stand for?
• Abstracts: A larger degree of dosh. Loans plea for part time students. Real choices?
• Abstracts: Refusing to eat is not a disease, but a solution to an impossible dilemma

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.