UK Residents

If you are a UK citizen working overseas and are not resident for tax purposes, but propose to return to the UK and become tax resident again, we also strongly recommend you take professional advice on planning for this before re-entering the UK. Contact us for a referral to a suitable tax specialist.

Not sure if you are 'resident' or 'not resident' for UK tax purposes, look at this page on HM Revenue and Customs (formerly Inland Revenue) website: http://www.hmrc.gov.uk/pdfs/IR20.htm. Still not sure, then please get in touch and we will be pleased to recommend a Chartered Tax Adviser with offshore expertise who will give you reliable advice.

For UK residents the world of tax planning is highly regulated and it is not possible to hide away income and evade tax. In a recent landmark ruling UK inspectors have been given the authority to demand account information from UK banks of customers with offshore earnings.

If you are UK resident for tax purposes, having an offshore bank account is not illegal, but not declaring overseas income to that account is tax evasion and is illegal.

If you are UK resident for tax purposes and control (directly or indirectly) a company that is registered overseas then despite the fact that the company may be registered overseas this would not preclude the company from also being resident in the UK for tax purposes, and consequently liable to UK corporation tax. Furthermore there are a myriad of complex tax anti-avoidance laws that could still tax the earnings in the UK even if it could be argued that a UK resident does not control an overseas company.

Confidentiality and asset protection can be achieved using properly structured companies or trusts, perhaps offshore, often onshore. If you are UK tax resident, please contact us for details of professional tax advisers.