Residence & Domicile Update - Tax Planning & Traps for the Unwary

Introduction

There have been a considerable number of cases which have come before the tax tribunals on residence and domicile. These important cases look at the law as applied by the statutory residence test. They also look at domicile particularly for IHT purposes.

This 3 hour virtual classroom session updates practitioners on current thinking regarding residence and domicile issues.

This session is relevant for all those who advise or deal with internationally mobile clients.

What You Will Learn

This live and interactive course will cover the following:

• Residence - old rules and occasions where they are still important
• Residence - new rules, an explanation of the SRT (statutory residence test)
• Domicile - old rules and their relevance

Residence

• 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 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

• 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 RBC (remittance based charge)
• Protected trusts
• Recent case law

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.