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No place like home
KEY POINTS
- The rules on domicile changed on 6 April 2017.
- Capital gains on UK residential property are taxable in the UK regardless of the individual’s residence or domicile status.
- A UK-domiciled individual is taxable on their worldwide income and gains for any year in which they are UK resident.
- A formerly domiciled resident is deemed to regain UK domicile when they become UK resident again.
- An individual who acquires a domicile of choice abroad remains in the UK inheritance tax net for the next three years.
- The dangers of accidental remittances.
Domicile is one of the defining characteristics used to determine the UK taxation treatment of individuals’ overseas assets income and gains. My previous article – ‘Home is where the heart is’ (Taxation 24 May 2018) –...
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