Taxing times for those working abroad

income tax

People who move around the world for work or otherwise are growing in number, often with a high degree of wealth and are in need of specialist financial planning

The concepts of residence and ordinary residence influence a client's income tax position but this is an area of financial planning that most UK advisers ignore. The very first thing to identify is the current and potential future residence status of the client. This will be based on historic information, as well as intentions. There is no detailed definition of the terms 'resident' or 'ordinarily resident' within UK law, but their meanings are derived from Inland Revenue practice and case law. The importance of these terms can not be overstated, since they will determine a person's liabi...