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I have been asked to advise a new client and his spouse. They have both been resident and ordinarily resident in the UK for over 20 years, but are domiciled in India.
They are a successful self-employed professional couple and have accumulated funds over the years, which are held in a joint interest bearing deposit account in the UK. At the end of each tax year, higher rate tax is paid on the interest which is not insignificant.
I have been asked to advise a new client and his spouse. They have both been resident and ordinarily resident in the UK for over 20 years but are domiciled in India.
They are a successful self-employed professional couple and have accumulated funds over the years which are held in a joint interest bearing deposit account in the UK. At the end of each tax year higher rate tax is paid on the interest which is not insignificant.
We have been exploring the possibility of transferring these funds into an offshore account in Jersey and holding them as 'capital' with the resulting interest or income being credited to a separate account. The rationale behind this would be to make use of their non-domiciled status to avoid paying tax on the income which they earn overseas and this could be further sheltered if the accounts were 'bed...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
