What is Domicile and why is it so important?
Domicile ultimately defines whether or not you’ll be caught in the UK Inheritance Tax net, and likely to face a possible, and substantial, 40% tax charge on your UK (and even worldwide) assets.
There are other consequences too. All the while you’re UK tax resident, your exposure to UK Income Tax and UK Capital Gains Tax is ruled by your domicile status. Understanding domicile, and how it affects your wealth, is a crucial step in any solid financial plan. This guide is here to help.
If you have any questions about what you should do next, please get in touch.
