How we handled a Holland Park non-dom's affairs for £29,000 saving
Client A is a non-domiciled Holland Park resident with substantial overseas investment income, UK employment income and a property portfolio. The previous adviser had been declaring worldwide income on the arising basis without checking whether the remittance basis was beneficial, and without structuring overseas accounts to keep clean capital separate.
We reviewed the domicile position and overseas income, modelled the arising basis versus the remittance basis (factoring in the remittance basis charge given years of UK residence), and found the remittance basis significantly more beneficial as most overseas income wasn't being brought into the UK. We restructured the overseas banking to segregate clean capital, income and gains so future remittances could be made tax-efficiently, and reviewed the transition under the reformed non-dom rules.