PBR creates advice need for non-UK domiciles - Skandia

Currently, non-UK domiciles resident in the UK do not pay tax in the UK on income and capital gains arising overseas unless they bring the money to the UK. However, under the PBR proposals, this group of people will have a choice either to pay tax in the UK on income and capital gains arising overseas, or to pay a fixed charge of £30,000 a year, once they have seven years UK residency. Any non-UK domiciles with overseas assets greater than about £1.5m could benefit by paying the £30,000 tax charge. Meanwhile, clients with overseas assets less than about £1.5m could be rewarded by paying ...