Non - Domicile pre 2008
We have been a approached by a prospect to sort his outstanding tax situation under Liectenstein Disclosure Facility. He has undisclosed foreign source income from self employment foreign contracts for periods from 2001 to 2010. This income was paid into and held in an offshore account.
It is much likely that he will be treated as non-domicile based on 'domicile of origin' under the pre-2008 rules. He could have therefore possibly availed the remittance basis for the periods to 2008. He has also been filing tax returns through his current accountants all these years. However they never disclosed this income nor ticked non-domicile status in the tax returns (no Dom1 forms filed either) , though they advised him to keep the income outside to avoid UK tax charge.
Is it now possible to go back and claim non-domicile for periods from 2001-2008 and pay tax only on the amounts remitted to UK during the period?
From the initial conversations he indicated remittance during this period was only around 25% of the income earned/ held offshore.
I am conscious of the changes from 2008 and appreciate the different set of rules that would apply.
I wonder if any of the members had to deal with similar situation or would have any observations?
- Wrong career 418 18
- Would this save hours of your time? 355 8
- Laptop purchase 1,348 20
- PTP software disaster 214 2
- Producing graphical KPI's etc 151 4
- CIS repayment shambles finally over? 196 2
- Treatment of EU Purchases on Sage 86 2
- Director's tax return 189 3
- Tricky VAT question 125 1
- RTI Annual Scheme Query 96 2
- MONEYSOFT - EARLIER YEAR UPDATE 224 6
- VT accounts licence key 230 5
- Weely paid employees 208 2
- Splitting the tax year 76 1
- FPS Submission 128 2
- Value pricing 635 20
- non resident receiving UK dividends 200 3
- P11d & Medical Ins 124 1
- vat return 219 1
- Underpaid National Insurance 172 3
- Residential Property Purchase Above £750K 788
- Using Sage with Sofa Categories 542
- Does anyone have an unwanted ICAEW wooden plaque? 408
- Goods shipped inter EU and VAT Reporting 289
- Free Tax Legislation? 249
- Non-Resident Director - UK Tax Position? 233
- Director Loan account operation 231
- transferring simply accounting 2010 from xp to windows 7 227
- Sage 200 and Access Dimensions reviews 223
- Paye procedures for CVA 157