The landscape for international individuals and families is becoming ever more complex as tax rules change with increasing rapidity, and compliance and transparency requirements become more stringent.
We can advise you on a wide range of matters, whether you are a resident non-domiciliary, a UK person with family or assets abroad, a non-resident with family or assets in the UK, or a member of an international family with people, businesses and assets in multiple jurisdictions. We can also help if you are the trustees of an offshore trust or a family office, private bank or a professional looking after international individuals or their wealth structures. In particular:
We advise on domicile and residence matters to enable individuals to understand their UK tax position and reporting obligations. We also help those who want to remain or become either UK resident or UK non-resident
We assist non-doms to get to grips with the complex tax regime that applies to them, explaining the opportunities and helping them avoid the pitfalls
We provide guidance on offshore trusts and other holding structures and advise on UK trust and tax matters as they affect the settlor, trustees and beneficiaries
If you have assets, eg a holiday home, abroad, we can help you navigate the foreign succession and tax laws so that your assets go to the right beneficiaries and you do not end up paying tax in two different countries unnecessarily
We can help if you live outside the UK but want to invest in UK real estate, a business or other investments in a tax efficient manner, or if you want to help family members who live in the UK
We have expertise in helping entrepreneurs and business owners whose personal and business connections span a number of countries.
Specialist advice includes:
Business Owners and Business Structuring
We help resident and non-resident business owners meet their commercial and family objectives in an efficient way.
We can assist and advise on various matters relating to your business ventures including:
Investment in the UK
The UK is an attractive place to invest for both UK resident non-domiciliaries and non-residents. There have been far-reaching changes to the tax rules in recent years in relation to the holding of UK residential property and prospective changes have been announced to the taxation of commercial investment properties. We can help and advise on matters including:
A globally mobile executive may have pension funds in a number of jurisdictions (including the UK) and/or may have funds in an offshore pension plan based in a low tax jurisdiction. Bona fide international plans are caught by anti-avoidance rules that can have draconian tax implications. Together with your financial advisor we can help and advise on:
We say tom-ah-to and they say tom-ay-to. We ask for the bill and pay with a cheque. They ask for the check and pay with a bill. We tax on the basis of domicile and residence and they tax on the basis of citizenship. Anyone who has family, property or trust connections with both the US and the UK needs to understand how this affects their tax position and what reporting obligations they have in both countries.
We work with selected US lawyers and accountants or with your own advisors to help and advise on issues including:
UK individuals who own assets abroad, or marry someone from another country or who live abroad, and non-UK nationals who own property in the UK or marry someone from the UK or who live here, are likely to have to contend with more than one system of inheritance and more than one set of tax charges on gifts during lifetime or by Will.
We work with selected firms in other countries to provide across-the-board help and advice on:
Offshore trusts often feature in the tax and succession planning of non-resident and non-domiciled individuals. They are extremely flexible vehicles that can be adapted to meet the needs of international families as members move from country to country and tax rules and family dynamics change. Trusts have many uses, including:
We can help and advise on all aspects of offshore trusts including:
The Remittance Basis
UK resident non-domiciliaries are eligible to claim the “remittance basis”, a favourable regime under which an individual is taxed on UK income and gains in the normal way, but is exempt from tax on non-UK income and capital gains unless they are brought to the UK. We can help and advise on all aspects of the remittance basis and remittance planning, including:
Residence and Domicile
Residence and domicile determine your liability for tax in the UK and are important in establishing who will inherit your estate in the event of your death. We provide help and advice on areas including:
If you wish to speak to a member of our team and discuss how we can be of further assistance to you, please contact us on Info@nqpltd.com