Offshore Funds to Onshore funds

debeast

Hi all,
Can anyone point me in the direction of any sites, jornals, books dealing
with moving offshore funds to the UK.

I am currently resident and domiciled in the UK, although i was domiciled in canada as thats where i was born.

I can give more details if necessary, but just want a starting point

Many thanks

deBeast



p.s. and no im not a nigerian 419

debeast

Just to add some info i've read probably all the posts containg info on offshore investments, how to keep them legel etc on this site but require further info.

Anyone???

Cook_County

I note that you are domiciled in a Province in Canada.

If you have segregated your income from your capital offshore then you can quite simply bring the capital to the UK tax-free.

Is this what you have arranged and in mind?

debeast

I'm currently domiciled in the UK as i've lived here for quite some time and married an English woman.

So unfortunately i can't treat the UK as offshore. To me its onshore. The reason i mention Canada is it might be feasible to change revert back to my domicile of origin???

The income in my offshore was earn't in Japan (just to complicate matters futher) but i wish to move it to the UK. The only money in it is that earn't in Japan.


Thanks for the reply

deBeast

cheerfulcat

Hi, deBeast,

Domicile is a tricky concept, and the facts of having lived in the UK and being married to a British citizen do not in themselves make you UK domiciled. You also have to be seen to have severed all ties in your home country, so for instance you shouldn't own property in Canada. If you *are* non-UK dom there are certain tax breaks regarding offshore *investments* but AFAIAA your worldwide *income* is taxable here regardless. If there is a considerable amount involved it would almost certainly be worth employing the services of an accountant. Bear in mind that there are complications with non-dom status, particularly as regards IHT.

Has the money earned in Japan already had tax paid on it there? If so, you should be able to offset that against your UK tax liability. If not, you will have to declare the earnings and pay tax on them in the UK.

More here -

http://www.taxationweb.co.uk/guides/residence_and_domicile.php

HTH

Cheerfulcat

Cook_County

You appear to be confusing domicile and residence. Living in the UK does not make you domiciled here unless you never expect to leave again.

Cheerful cat is slightly inaccurate on the Japanese earnings. If these were earned before you were UK resident then they can be remitted to the UK free of UK income tax. Any gain in the currency might still be liable to capital gains tax.

debeast

Thanks for the info both of you.
As you noted this is a tricky area of finance. I am planning to use an accountant, but i find it always easier if i know the exact questions to ask and have a good understanding of the area.

Many thanks again

/debeast