UK RESIDENT NON DOMICILE RULES HAVE CHANGED - ACT NOW

From now on UK Resident Non Domiciles rules have changed. Before these clients did not pay tax on their overseas income or gains as long as it is not bought into Britain. However, from April 6 2008 UK Resident Non Domiclies who have been resident in the UK for more than 7 years will no longer be able to benefit from this perk unless they pay a £30,000 annual levy.

This could well apply to you personally and also Trustees of Offshore Trusts who have UK Resident Non Domicile beneficiaries.

If these apply, and you would like to know how we can help mitigate potential tax please make contact with Des Jeffrey on 01534 613910 or email des@jeffreyandco.com.

QUALIFYING RECOGNISED OVERSEAS PENSION SCHEMES (QROPS)

Individuals who are considering, soon to leave or have left the UK have the opportunity to transfer their UK pension funds to a QROPS arrangement which may provide additional flexibility to their personal financial circumstances. We have constructed, along with our Joint Venture partners, our own innovative QROPS domiciled in Guernsey called the Shearwater Pension Plan.

If you would like to understand these arrangements further please make contact with Meeku Patidar on 01534 613910 or email meeku@jeffreyandco.com.