Sorry: That isn’t meant to be a personal question (well actually – it is….). But it’s a relevant question because of things that I came across recently.
Did you know that your father’s place of birth (and so his domicile) may determine where your domicile is. That isn’t the most exciting of news unless you know that a non-UK domicile may be relevant for certain tax purposes. I think I might have your attention now….
The key benefit of being a non-UK domicile tax payer is that it may allow you to not have to pay income or capital gains tax on investments kept overseas – as long as you do not bring the income or the gains into the UK. You may also be able to ignore inheritance tax on property held overseas. As with everything to do with tax matters, this is a complex area and you should take advice before doing anything – but there may just be opportunities here.
John Clarke is an exert lawyer assisting SMEs dealing with growth, acquisition, sales, franchising, and in difficulties throughout Fife, Edinburgh and Scotland.