Conversation between David Anderson, solicitor and chartered tax advisor, and a property investor.
Please note that the content of this article is of a general nature only and you should not act or refrain from acting in reliance on it. You should always obtain independent professional advice on the facts of your particular case. No liability is accepted in connection with this article.
Q. I have heard about non-domiciled people legally avoiding UK tax by using offshore trusts. I want to become non-domiciled to improve my tax position for property investment purposes. I am based in the UK and want to stay here but I have a holiday home in Spain.
A. Most people think about Inheritance Tax savings when they hear the word "trusts" but the potential totally legal and legitimate ways of saving Capital Gains Tax and Income Tax are often overlooked. It is best to get some terms sorted out at the beginning. The "settlor" is the person who sets up the trust, i.e. you; the "trustees" are the people who have the assets registered in their names; and the "beneficiaries" are the people who can benefit from the trust; for example your family.
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