FINANCE & LAW


UK Tax: a survival guide


To say that the UK’s tax legislation is complex is an understate- ment, especially for those who are either:


n Not originally from the UK


n Originally from the UK who have been overseas for many years but may return


Not originally from the UK?


For those who are not originally from the UK, and have been in the UK for less than 15 years, the UK offers a very attractive tax regime to both draw you here and help you to stay. For those who have yet to arrive, this specific tax regime is even better because it allows planning in advance of your arrival resulting in a very nice “welcome to the UK”.


This is not the result of aggressive tax planning or relying on minor technicalities to defeat the intention of the UK parlia- ment. Instead, it is a clear set of rules laid out to ensure that the UK remains an attractive destination for internationally mobile individuals with a healthy level of wealth that can benefit the economy in more ways than by simply working in the UK.


For the first seven ‘tax years’ of your time in the UK, this benefi- cial regime costs you very little to be part of. From year eight to 15, there is a fee to continue to enjoy it and once you have been in the UK for 15 tax years, the beneficial regime is no longer available to you. However, as long as you have planned your tax and financial affairs properly up to that point, you are still able to operate in a very tax efficient environment in a way that ensures that the UK continues to be a very attractive place for you to stay even after the 15 tax years are up. This is aside from all the non-tax benefits of living here, which this magazine


is excellent at bringing your attention to throughout the year.


In a further generous bid to encourage investment into the UK’s economy, all of those who do seek to benefit from the special tax regime are allowed to bring their as yet untaxed funds into the UK without suffering a UK tax charge on the remittance, as long as the investment is made into a qualifying business, which can include property investment.


The sting in the tail to all this sparkle is that the rules can be mind-bogglingly complex and, for those who do not seek the right advice, can cause real problems.


Originally from the UK but returning from overseas?


For those originally from the UK and have been overseas for many years but may be considering returning here, there are some significant traps that need to be avoided, so careful plan- ning is required well before returning to the UK.


How to proceed?


To make the most of your position, you just need to speak to the right people, some of whom sponsor FOCUS and whose details can be found at the back of the magazine.


When searching for a suitable advisor, it is important to find someone you like and trust, so enjoy the process when speak- ing to potential suitors because the relationship will be long term and very beneficial.


As Benjamin Franklin once said, “by failing to prepare, you are preparing to fail.


Buzzacott provide a whole suite of services ranging from UK tax planning and advice for individuals and offshore


structures, personal financial planning, corporation tax, company audit and outsourcing services through to tax and audits for charitable and other non-profit organisations. If you would like to speak to someone concerning matters surrounding this article, please contact: James Walker, partner, head of private clients tel: +44 (0)20 7556 1322 walkerj@buzzacott.co.uk


www.focus-info.org FOCUS The Magazine 27


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