Course outline:
The separate concepts of domicile and residence whilst independently determined were inextricably linked to form the two sides of the coin critical in determining the UK tax status of individuals for many years. However, from 6 April 2025, ‘residence’ only is considered for UK tax purposes. This impacts income tax (IT), capital gains tax (CGT), and inheritance tax (IHT).
This course focuses on the new rules and the impact on clients. Worked examples and planning points will be included as appropriate.
An overview of the essential impact for individuals where they have interests in non UK asset trusts will be included. This will not however include detailed guidance for which bespoke specialist advice is likely to be required.
UK residence is determined by the Statutory Residence Test rules which are not included . This is covered in our on-demand course Back to Basics International Personal Tax - Residence
Course details:
Content will include:
- The new 4 year foreign income and gains (FIG) regime for the newly resident
- Overseas Workday Relief
- IT and CGT transitional rules for existing remittance basis users
- The impact on non UK asset trusts for IT and CGT
- The impact on Business Investment Relief
- IHT ‘long term residence’ and ‘tail’ criteria
- IHT impacts including gifting and spouse exemption
- The impact of non UK assets owned and in trust for IHT
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