HM Revenue & Customs have always been keen to maintain that people remain UK resident despite going abroad for significant periods of time. This is invariably on the grounds that they have never actually left the UK for tax purposes or that their continuing links with the UK compromise any purported overseas residence status. That hasn’t changed under the statutory residence test which was introduced in 2013.
Why?
That is simple. Residence status is the main, though not the only, factor in determining continuing liability to UK tax and continuing reporting obligations.
Unfortunately, many will find that UK residence has a certain ‘adhesive’ quality….and that ‘adhesive quality’ can quickly translate into tax liabilities and reporting obligations in the UK.
This book provides a practical overview of the issues and crucially includes an insight into how the mind of a tax planner works without getting bogged down in the minutiae. It is written for the everyday use of anyone going abroad and who will become non-UK resident.
Here is the thing though.
The tax treatment of all capital gains and certain kinds of income does not change if you are only temporarily non-resident whatever your actual residence status, and here you are thinking in terms of several years.
If you are just going abroad for a few years or your UK visits might become just that little bit too long or your plans change for whatever reason then this is the book for you. There are plenty of expensive traps waiting for the unprepared. But it’s not all gloomy. There are definitely opportunities for those who have an understanding of the rules.
The book is divided into four sections
Section 1 gives you an overview of the all important rules on residence which have been in force since 6th April 2013, the statutory residence test. The temporary non-residence provisions represent the anti-avoidance rule of the statutory residence test.
Section 2 contains everything you need to know about temporary non-residence – why it exists, how it works and the income and gains which it affects – the rules and planning points. It also contains the alluringly titled chapter ‘Mad Max’. Understand Mad Max and you understand everything.
Section 3 considers the rules which apply when returning to the UK as well as ‘must know’ tools when it comes to planning for being abroad.
Section 4 gives you the 12 year mindset which anyone considering tax planning in this area needs to have along with the practical steps you should take to stay both the right side of HM Revenue & Customs and the right side of the anti-avoidance provisions.
Warning: Contains at least one rock band and five astonishing tax cases.
Why?
That is simple. Residence status is the main, though not the only, factor in determining continuing liability to UK tax and continuing reporting obligations.
Unfortunately, many will find that UK residence has a certain ‘adhesive’ quality….and that ‘adhesive quality’ can quickly translate into tax liabilities and reporting obligations in the UK.
This book provides a practical overview of the issues and crucially includes an insight into how the mind of a tax planner works without getting bogged down in the minutiae. It is written for the everyday use of anyone going abroad and who will become non-UK resident.
Here is the thing though.
The tax treatment of all capital gains and certain kinds of income does not change if you are only temporarily non-resident whatever your actual residence status, and here you are thinking in terms of several years.
If you are just going abroad for a few years or your UK visits might become just that little bit too long or your plans change for whatever reason then this is the book for you. There are plenty of expensive traps waiting for the unprepared. But it’s not all gloomy. There are definitely opportunities for those who have an understanding of the rules.
The book is divided into four sections
Section 1 gives you an overview of the all important rules on residence which have been in force since 6th April 2013, the statutory residence test. The temporary non-residence provisions represent the anti-avoidance rule of the statutory residence test.
Section 2 contains everything you need to know about temporary non-residence – why it exists, how it works and the income and gains which it affects – the rules and planning points. It also contains the alluringly titled chapter ‘Mad Max’. Understand Mad Max and you understand everything.
Section 3 considers the rules which apply when returning to the UK as well as ‘must know’ tools when it comes to planning for being abroad.
Section 4 gives you the 12 year mindset which anyone considering tax planning in this area needs to have along with the practical steps you should take to stay both the right side of HM Revenue & Customs and the right side of the anti-avoidance provisions.
Warning: Contains at least one rock band and five astonishing tax cases.
