Tax Investigations of Wealthy Non-Domiciled Individuals & Related Structures - Live at Your Desk

Introduction

As part of HMRC's Offshore Evasion Strategy in 2013, they (HMRC) are showing great interest in pursuing wealthy non-domiciled individuals living in every major city in the UK, and non UK residents investing here. They are particularly looking at residence, domicile and remittance matters as well as looking at how non doms have structured their wider affairs, including using offshore trusts and companies.

This virtual classroom session will cover the tax risks of investigations of international and non-domiciled individuals and offshore structures, including an update on relevant Finance Acts 2016 and 2017 and the Criminal Finances Act 2017, and associated AML issues.

Significant changes were introduced for non doms in Finance Act 2008, and further and very significant changes were due to come into force from 6 April 2017 but were delayed because of the General Election. Finance Act 2017 (2) confirmed that the changes came into force from 6 April 2017, and some additional changes for offshore trusts from 6 April 2018.

We have also now had four years for the Statutory Residence Test (SRT) to bed in, however, it is important to recognise that as HMRC can potentially look back 20 years, investigations will still look into years before the SRT. The residence changes do not just affect non doms, they will affect anyone who is operating, or resident in the UK, and who holds assets outside the UK.

The introduction of FATCA and the potential exchange of information that is already flowing from the various Intergovernmental Agreements, particularly between the UK and Crown Dependencies and Overseas Territories is throwing a new light on the various offshore structures. We will also see the first exchange of information under the Common Reporting Standard (CRS) from September 2017.

For anyone advising clients with substantial wealth, this is a not to be missed opportunity to gain a rare insight into how HMRC investigates the wealthy from property ownership to offshore trusts.

What You Will Learn

This live and interactive session will cover the following:

Taxman Tactics

• An insight into how HMRC investigates Residence & Domicile
• Case selection
• Role of specialist offices and sources of information
• Information powers - old and new
• Offshore penalty regime, including the asset based penalty
• The Worldwide Disclosure Facility
• Making Offshore Disclosures under Code of Practice 9 (Contractual Disclosure Facility)
• The Intergovernmental Agreements and international exchange of information
• The penalty for enablers of offshore tax evasion
• The Requirement to Correct Offence (RTC)
• The corporate offence of failing to prevent the facilitation of UK and foreign tax evasion

Domicile

• What determines a person's domicile status? How can that domicile change? What are the advantages of being non UK-domiciled for tax purposes? What are the different types of domicile?
• The changes proposed from 6 April 2017

Residence

• What are the classic historic tests of tax residence in the UK and how have these tests been affected by case law including Shepherd, Gaines-Cooper and Grace
• The Statutory Residence Test (SRT)

Remittance rules post 5 April 2008

• The Remittance Basis charge
• Examples of taxable and non-taxable remittances

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.