Offshore deposits income tax

Offshore deposits income tax

This list is not 100% complete, however it covers most of our situations, and is intended for anyone to link to the various web sites for income tax related items

in the UK and IOM - UK/IOM resident or non resident. It is hoped that the General Public will also read this and understand that with all the regulations in place, that we, who have deposited money in for example the Isle of Man, (or other so called offshore tax havens) are not in fact "tax dodgers" as some people who actually know better would have the general public believe.

Some basic Definitions - (also HMRC document 11 below)

These are my layman’s definitions, it is a confusing and complex area, for definitive ones I would direct you to the relevant web site links below.

Ordinary Resident - anyone who lives in the UK for 90 days or more in any tax year

Non Resident - anyone who lives in the UK for 90 days or less in any tax year

Domiciled - anyone who has a permanent address in the UK

Non-Domiciled - anyone who does not have a permanent address in the UK

British Citizen - anyone who holds a passport issued by the UK Passport Authority (UKPA) for the United Kingdom of Great Britain and Northern Ireland

United Kingdom - comprises England, Wales, Scotland, and Northern Ireland

Crown Dependencies - Notably, Isle of Man and the Channel Islands. These are not included within the UK. IOM & CI’s are part of the British Islands (Isles), and are known Crown Dependencies i.e. governed by HM the Queen. They have autonomous Governments except for international affairs, which are affected by the UK Government. The IOM and CI’s are affiliated via the UK to the European Union but are not full members.

  1. IOM (Treasury Dept) Income Tax Division
  2. IOM Income Tax - Resident Individuals
  3. IOM Income Tax - Non Residents
  4. UK - IOM Tax Agreement
  5. Latest UK - IOM Tax Amendments
  6. UK Non Residents Taxation HMRC
  7. UK - EU European Savings Directive
  8. UK HMRC Double Taxation
  9. HMRC FAQ's Non Residents
  10. Non - Domiciled
  11. IR 20 Residents and Non Residents Liability to Tax in the United Kingdom

Originally posted by Tricky Dicky 24/11/2008

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