Non-Resident & Offshore Tax Planning Paperback – 1 Mar 2014
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The new HMRC statutory residence test is covered in detail with examples which bring it to life. In fact I think the examples, which are used throughout the book, are a major help in helping to see how the rules would work in real life. The "Sufficient Ties" section of the new test is explained in good detail. I also found Chap 15 on the treatment of UK dividends very useful.
I suspect some of the sections, like those on Non-Doms and Offshore Trusts, which are nor relevant to me so I skimmed through, are a bit superficial, but I could be wrong. But heyho, a guide like this is only meant to be a starting point and not a substitute for professional expert advice.
Overall I liked it and thought it gave me the knowledge to at least ask the right questions.
This book makes it very much easier to understand the new rules. Written in the simple and straightforward style of other Tax Cafe guides, with frequent case-studies, it goes through the various tests for residency/non-residency (which are suitably complex) and then goes on to look at a number of areas of tax-planning such as rental income, dividends, CGT and pensions once you are non-resident. There are tax-saving tips as well and a couple of chapters on offshore companies and trusts.
This is relevant not just to the uber-rich thinking of paying as little tax as possible by living in Monaco or the Turks and Caicos but to anyone thinking of living abroad for any-length of time, such as retiring to France, Spain or Australia. It will save you a vast amount of time and potentially money. Of course it’s not a substitute for professional advice if your affairs are complex but goes a very long way and at least gives a solid background to have when dealing with a professional advisor.
As they say it can't cover everyone's situation and your going to need and speak to someone with specialist knowledge but at least if you read this cover to cover your going to be able to hold a conversation with these people to work out whats applicable to your situation. It's a huge area but most scenarios are covered in detail in here.
I can't really go into detail on each element of the book as there is so much in it but suffice to say I came away with a much deeper understanding of the rules and things you would need to think about and do in these regards.
I like the delivery and examples for each situation and clear calculations of sometimes complex accounting principles certainly help non accountant centric people understand the implications financially. Lets face it, thats what the book is all about and most of their other books are in a similar vein.
If your curious to find out how you can retire or move abroad and save money in the process or understand your situation as a non-resident this is a great reference point, with no-fuss easy to understand content.
Try it out, you'll be pleasantly surprised, and their other books are well worth a look too.
With all the recent media reports on people emigrating or set up off shore companies to save tax, this will be a good overview into what they need to look at, although has been previously stated here - It will not replace sound and paid advice from a professional.
Overall an excellent book that gives real live examples of different ways one could still save tax whilst not being fully resident in the UK or having an offshore company.