Let’s imagine a state with only 25 people living in it. Say they collectively agree to let a wealthy foreign taxpayer join them, thereby reducing their collective tax burden by half. Let’s say that the foreign taxpayer pays proportionately less than the state’s wealthiest citizens, but less than he would normally pay in the state…
DetailsAn essential update for foreign domiciliaries and their advisers On 18th March George Osborne revealed his 6th and final Budget before the General Election. On the whole, there were few significant changes in personal taxation for the moderately well off. The Chancellor set the tone when he said that the top 1% of earners will now…
DetailsSir, I am surprised at the recent criticism of the “non-domicile” tax regime. My recent Freedom of Information request to HM Revenue & Customs revealed that there were only 110,700 non-doms in the tax year 2012-13 (the most recently available figures). Of these, 64,000 paid tax on their worldwide income and gains, with only 46,700…
DetailsMark Davies, MD of Mark Davies & Associates, writes to the Independent and the Financial Times (FT) to defend the non-domicile tax regime: Dear Sir, I am surprised at recent articles criticising the “non-domicile” tax regime. My recent Freedom of Information request to HMRC revealed that there were only 110,700 non-doms in the tax year…
DetailsThe UK Government has announced changes to the immigration rules for the Tier 1 (Investor and Entrepreneur) Visa applicants with effect from 6th April 2015. Tier 1 (Investor) Visa applicants There is a new requirement to open a UK bank or investment account before applying for the visa. The minimum age for applicants will increase…
DetailsThe Russian Federal Tax Service (“FTS”) has published a new interpretation of the Russian laws of residency for individuals. Such guidance is not new law, but it would be taken into account by the Russian courts. The Russian Tax Code defines an individual as being Russian tax resident if they are physically present in Russia…
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