Residence and Domicile Refresher

This course covers the new residence and domicile tax laws, with an emphasis on the opportunities available for tax planning and tax traps for those who are unfamiliar with the new system.

Content:

Residence
• Residence – old rules and occasions where they are still important
• Residence – new rules and an explanation of the Statutory Residence Test (SRT)
• Opportunities:
      • Maintaining non-residence under the day counting regime
      • Overseas work day relief
      • Remaining CGT exemptions for non-residents
      • Treaty residence – how it differs from domestic residence
      • Use of the personal allowance and lower rate tax bands
      • Years of arrival and departure
      • Dual residence
      • Exemption with progression v tax credits
      • The earnings basis, receipts basis, bonuses and share options
      • Termination payments, the new rules and the end of foreign service relief
      • Recent case law

Domicile
• Domicile – old rules and their relevance
• Domicile – rule changes
• Opportunities:
      • First seven years
      • Next eight years
      • De Minimis limits
      • Pre-arrival planning
      • Use of offshore trusts
      • Children’s tax position
      • IHT and the non UK-domiciled spouse
            • Obtaining tax credits for the Remittance Based Charge (RBC)
            • Protected trusts
            • Recent case law