Posted by Tax Innovations on 28 Mar 2011

£50,000 Non Domicile Charge

Non-domiciled individuals who have been tax resident in the UK for 7 out of the previous 9 years need to pay £30,000 to HMRC if they want to be taxed on the remittance basis and avoid being taxed on the entirety of their worldwide income and gains. The 23 March 2011 Budget introduced an additional £50,000 charge for individuals who have been resident in the UK for 12 years. This charge is to become payable starting with the 2012/2013 tax year.

Please contact us to see if we can help you arrange your affairs to limit your exposure to both the current £30,000 and the new £50,000 charges.