The uk's Hmrc case reminds investors and clients of the residency and domicile tax rules
Advisers and their clients have been reminded of the importance of ensuring they do not fall foul of the domicile and residency rules in the UK through two cases brought by the HM Revenue and Customs (HMRC) against investors who had moved abroad. HMRC only won one of the cases. By claiming non-domicile and not ordinarily resident status in the UK, investors can gain tax advantages over those who are both resident and domiciled in the UK. There are six broad types of status that investors can have in relation to the UK, which are resident, non-resident, ordinarily resident, not ordinarily ...
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