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Keeping it clean

Isolating and preserving clean capital are essential undertakings for foreign domiciled individuals and its task easier said than done

5 November 2015

Foreign domiciled individuals (non-doms) resident in the UK can elect to be taxed on the remittance basis, instead of being taxed on their worldwide income and gains in the same way as other UK residents. If they claim the remittance basis they remain taxable on their UK income and gains, but their foreign income and gains are only taxable if, and to the extent that, they are used in or brought (remitted) to the UK.

This leaves non-doms with two options to minimise their UK tax liability; either not remitting money to the UK from abroad at all, or ensuring that what they do bring to the UK is something other than foreign income or gains.

Introducing clean capital

For many non-doms, meeting UK living costs without using money from abroad is simply not feasible. The next best solution is to identify money overseas that is, in fact, neither foreign i...

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