Many people do not understand the concept of domicile. Most people assume it is similar (if not identical) to tax residence: this is not the case.
There are different forms of domicile:
(a) Domicile or origin;
(b) Domicile of choice; and
(c) Domicile of dependence.
In addition, a statutory definition exists for inheritance tax purposes, which is based on an individual’s residence status.
It is critical to understand your domicile as it is fundamental in determining your liability to inheritance tax. In addition, the UK tax system has introduced particular income and capital gains tax advantages to those individuals who are UK resident but non-UK domiciled.
How can we assist?
We can assist by:
- helping you understand your domicile as a matter of common law and statute;
- assisting you in determining whether your domicile has changes and the steps you need to take to achieve this; and
- advising you on the consequences of your domicile status.