Overseas Income Declaration
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We assist individuals and businesses in properly declaring overseas income to HMRC, ensuring full compliance with UK tax laws and avoiding potential penalties.
Declaring foreign income can be complex, especially for UK residents, non-domiciled individuals, and those with cross-border financial interests. Our team provides clear, confidential, and expert guidance tailored to your circumstances.
Our Overseas Income Declaration Services Include:
- Income Identification & Classification
Assessing all types of foreign income—including rental income, dividends, interest, pensions, and business profits—and determining how they should be taxed in the UK.
- Remittance Basis Advisory
Advising non-domiciled individuals on whether to use the remittance basis or arising basis of taxation, and the implications of each.
- Disclosure Preparation
Preparing accurate disclosures of previously undeclared offshore income, whether through regular HMRC returns or under the Worldwide Disclosure Facility (WDF).
- HMRC Liaison
Managing all communication with HMRC, including any required explanations, amendments to past tax returns, or settlement discussions.
- Double Taxation Relief
Ensuring proper application of Double Taxation Agreements (DTAs) to prevent you from being taxed twice on the same income.
- Ongoing Compliance & Reporting
Assisting with annual self-assessment tax returns and advising on future overseas income declarations to ensure full and timely compliance.
Whether you are a UK resident with global income, a foreign national relocating to the UK, or a non-dom managing wealth abroad, we ensure that all overseas income is declared correctly and efficiently—protecting you from penalties and ensuring peace of mind.
The UK Non-Domicile Regime
The UK’s new non-domicile (non-dom) rules, effective from April 6, 2017, introduced significant changes to the taxation of non-domiciled individuals who have been UK residents for 15 of the past 20 years. Our advisory services help clients understand and navigate these complex regulations to optimise their tax position while ensuring compliance.
New Non-Dom Regime — Effective April 2025
From 6 April 2025, the UK will abolish the current non-domicile regime and replace it with a residence-based system. This change affects how foreign income and gains are taxed for UK residents and is critical for non-domiciled individuals to understand and prepare for.
Key Features of the New Regime:
- Abolition of Non-Dom Status for Tax Purposes
The concept of non-domicile will no longer be relevant for UK tax purposes. Tax treatment will now depend solely on residence, not domicile. - New 4-Year Foreign Income & Gains (FIG) Exemption
Individuals who become UK tax resident after a period of 10 years of non-residence will be eligible for a 4-year exemption on foreign income and gains. These amounts will not be taxed in the UK and can be remitted without a tax charge. - End of Remittance Basis
The remittance basis of taxation (which allowed non-doms to defer or avoid UK tax on foreign income/gains not brought into the UK) will be scrapped entirely. - Transition Rules for Existing Non-Doms
Those currently claiming the remittance basis may benefit from temporary reliefs, including:- Rebasing of foreign assets to April 2019 values for CGT purposes.
- Temporary Repatriation Facility (TRF) – a limited window (2025–2026) during which certain foreign income/gains can be brought to the UK at a reduced 12% tax rate.
- Changes to Inheritance Tax (IHT) Rules
A future consultation is expected on moving IHT from a domicile-based system to a residence-based one. Likely proposals include:- IHT liability on worldwide assets after 10 years of UK residence.
- Continued exposure to UK IHT for 10 years after leaving the UK.
Non-Dom Regime Services Include:
- Status Assessment & Modelling
Evaluating your current and future domicile status and modelling the tax implications over time. - Tax Planning Strategies
Advising on structuring income, assets, and trusts to minimise tax liabilities under the new rules. - Compliance & Disclosure
Assisting with tax returns, disclosures, and communications with HMRC in respect of domicile status and related liabilities. - Inheritance Tax Planning
Providing tailored strategies to address inheritance tax exposure as a deemed domicile.
We help non-domiciled individuals and families navigate the complexities of the new regime, ensuring they are fully compliant while optimising their tax and estate planning.