The EU Commission produces many directives relating to the Crown Dependencies and British Overseas Territories. We can advise on the tax implications of Directives such as the EU Savings Tax Directive, on offshore funds and trusts, as well as the implications for fund administrators, fund managers and trustees.
EU savings directive
Advice for beneficiaries, settlors and beneficial owners of offshore structures
We have a wealth of experience in providing advice to trustees, beneficiaries and settlors.
Once the residence and domicile status of each of the beneficiaries/settlor or beneficial owners of an offshore structure is known, it is possible to determine how those individuals will be taxed on income and capital gains arising to the offshore structure.
Inheritance tax, wealth preservation and family structures
Many individuals who leave the UK assume that they automatically cease to be within the scope of inheritance tax: this is not the case unless they successfully cease to be UK domiciled. In addition if the individual is non-UK domiciled and they retain UK assets in their own name they will still be within the scope of inheritance tax.
Wealthy families are often searching for a trusted adviser – someone they can call about any financial matters, not just taxation. The building of such relationships takes time - we can provide such services on the back of the tax and professional services we offer.
We can advise you on your inheritance tax exposure and your domicile status.
UK Inward investment/trading for non-UK residents
Investing in the UK for non-UK resident individuals, companies and trustees is relatively straightforward; however, such investment can often result in some sort of tax exposure depending on the nature of the investment, the transactions or the income generated.
Residence and domicile – leaving and coming to the UK
The residence and domicile status of an individual is of paramount importance when assessing their liability to UK taxation. Currently, neither residence nor domicile are defined effectively in the UK taxes acts and as a consequence an individual’s status can only be determined by undertaking an in-depth analysis of their circumstances and assessing this in the context of case law: recent case law has exemplified the extent to which HMRC go when considering an individual’s tax status.
We have significant experience in assessing the residence and domicile status of clients and this then forms the basis for assessing the individual’s liability to UK tax.
General tax services, support and comment
Choosing a professional services provider isn’t easy. At Hotchkiss Associates Limited, our approach is unique: you will be dealing with the same director to provide you with the services you require and your work will not be delegated. This means you will have the undivided personal attention of a seasoned professional tax adviser from the beginning to the end of each assignment.
We provide a whole suite of tax services to trustees, companies and individuals, with particular capabilities in advising clients who are resident, or are thinking of establishing themselves in the Isle of Man & Crown Dependencies and British Overseas Territories. Our advisory services cover most UK taxes, including Stamp Duty Land Tax, National Insurance, Capital Gains Tax, Inheritance Tax and Income Tax.