Non-domiciled individuals (“non-doms”) are frequently faced with additional UK taxes where offshore funds are remitted to the UK.
We can advise on the necessary structuring and bank account optimisation to mitigate unnecessary remittance basis taxes so that funds can, wherever possible, be remitted to the UK in a tax-efficient manner.
A further complication for Americans is that remitted funds may have already been taxed in the US in an earlier year, therefore there is a possibility of double taxation if further UK taxes are triggered. We have significant experience in reviewing and identifying solutions in scenarios of this type.
We can also advise on associated issues. For example we can provide guidance with respect to making sure that UK investments are not acquired within offshore investment portfolios, which could trigger an inadvertent remittance as well as creating taxable UK source income. We can also advise on the many other reliefs available to non-doms.