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Revised visa rules have implications for non-doms’ tax liabilities
KEY POINTS
- The tier 1 (investor) visa rules can have UK tax implications.
- The relaxation on “topping up” rules can reduce taxable remittances to the UK.
- Do not overlook the tax and residence rules in the taxpayer’s home country.
- Recent tax changes discourage corporate ownership of private residences.
- The implications of shareholdings in foreign companies.
Sergei is domiciled in Russia. He is a shareholder and director of a British Virgin Islands company which owns interests in Russian companies.
In turn Sergei sits on the board of directors for these companies. He intends to spend more than six months each year in the UK and the rest between Russia and Cyprus where he will holiday. He also plans to buy a substantial family home in London.
Sergei is worried about...
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