Solutions

United Kingdom

Verfides has a long history of advising private clients coming to the UK from abroad.  As such, many of our clients benefit from the UK’s special tax regime for non-domiciliaries.

Although changes have been made to the system in the last few years, the “non-dom”� regime in the UK remains very attractive for UK residents domiciled outside the UK, by offering the choice of being taxed on only UK-sourced income and gains.

The rules are notoriously complex and there are many traps for the unwary which can create unexpected tax liabilities.  To help you make the most of your non-dom status, we offer a full tax advisory service, including:

• Establishing and retaining non-dom status
• Tax-efficient planning of remittances from abroad, including advice on source segregation and remittances from mixed funds
• Establishment of trusts to mitigate inheritance, capital gains and income taxes and advising on tax-efficient payments to beneficiaries
• Structuring of UK assets to avoid UK inheritance tax, particularly real estate
• Inheritance tax planning for those who are about to become deemed domiciled in the UK for inheritance tax purposes
• Use of roll-up structures and investments to defer / reduce UK tax liabilities
• Completion of annual tax returns

Ireland

Many high net worth individuals who have a foreign domicile choose to live in Ireland to take advantage of the generous tax benefits which are available to them. An Irish “non-dom” pays income tax on foreign income only to the extent remitted. Likewise, he/she pays capital gains tax on foreign capital gains (excluding UK gains) only to the extent remitted to Ireland. Proper planning will also enable any gift and inheritance taxes to be minimised.

Incentives for Foreign Executives on Assignment in Ireland:
Assignments to Ireland from the EU and EEA commencing after 1 January 2010 under an EU or EEA employment contract are now covered by the remittance basis of taxation, which restricts the amount of employment income liable to income tax for foreign citizens on assignment in Ireland. The remittance basis previously only applied to non-EU/non-EEA employees in countries which had a tax treaty with Ireland.

Artists:
Income earned by artists, writers, composers and sculptors from the sale of their works is exempt from tax in Ireland in certain circumstances, up to �250,000 per annum.

We also offer a full tax advisory service in the above areas, including the processing of the refund of payroll taxes for employees on assignment in Ireland.