UK non Dom status in the UK

In Europe, when it comes to offshore companies and tax havens, we often think of London. Why, in fact, if all eyes are turning to this capital is because foreigners to settle there can easily get a status that allows them to avoid paying taxes for many years.

The state of non-resident

Tax status more protected in London is not the so-called UK Sun (or the United Kingdom domicilied). This is the state that many expatriates take when they should not live too long in the UK. For more than 7 years in the UK over the past nine years, the residents will have to pay £ 30,000 for each fiscal year. And this fee will rise to 50,000 if you are a resident for more than 12 years over the last 14 years. But for a period of less than seven years on the site it is easy to pay any fee to London. This is one reason why rich industrialists are in this city, besides the fact that it is the centrality of oil and finance.

The advantages of non-status-Sun

When installing in the UK, you need to make the option for the status of non-Sun You just simply report to HMRC to be installed on a temporary basis in London and opt for this state. From that moment, you will be taxed on the income that is generated in the UK, as well as the income that goes to the United Kingdom. However, it can not be taxed on the income they transit to the UK. You just have to show that it is an income that you had before settling in England. If you have proof, these amounts that are worn in the UK will not be taxed and you can use as you like. By cons, if you transfer funds that were generated after the arrival in Britain then you have to pay taxes on these amounts.

Some recent changes

In 2013, it was not Dom has been slightly modified. However most of the ongoing benefits persist. Others were to be added to them. For example, you can not enjoy this status-Sun if you spend at least 91 days in fiscal year over a period of 4 years in London. If you stay more than seven years provided for resident, you can choose the status of resident. You must pay taxes on your earnings. But the tax on dividends of entrepreneurs is how you can have a very low income tax. Remember, also, that to be non-Sun should not have a British passport or to English parents. Finally, revenues generated outside the UK are not taxed, if not entering the country. Therefore, it is possible to have an income from outside and used outside of the country without being taxed on them.