Poker
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Hi mate
Ive got a busy schedule today with drinking etc so cld you answer this for me.
I am a Non Domiciled Frenchman living in the UK with my English wife and want to plan ahead for Inheritance Tax (and any possible Capital Gains Tax). I am 67 and have lived in the UK for over 35 years. I have a non domiciled status as I originally intended to move back to France upon retirement. My wife was also granted temporary non domiciled status as she too intended to life in France once we were both retired.
We have three children, all married and they have their own children. It is because of the grandchildren that we are now thinking of staying in the UK.
We have a UK property worth circa £550k and property in France (which I inherited from my own parents and is in my name only) worth circa £250k. We also have some money in UK banks and also some money in a French bank. In our will all assets are to be left to the surviving spouse.
I know this is a complex area, so any help would be very much appreciated on the following questions:-
1) I have read, that despite being granted Non-Domicile status, I could be deemed a UK domicile as I have lived in the UK for over 20 years Is that true?
2) I have also read somewhere that unless we move to France, my wifes Non Domiciled status could be taken away or that for IHT she would be deemed to be UK domiciled if that is correct, how will that affect us?
3) Am I correct in thinking that for Non-Domiciled people, foreign assets are excluded for IHT purposes? Would the deemed-domicile affect this?
4) Am I correct in thinking that only UK assets are included in IHT (even for Non-Domiciled residents)?
5) Can I transfer money now from my French bank account to my UK bank account without being liable to any tax?
6) If the overseas assets are exempt from IHT, upon the a) first death and b) second death, can money held overseas (either from existing bank accounts or from the sale of the overseas property) be transferred to the UK to the surviving spouse or our children, without suffering any immediate CGT? How are the UK authorities made aware of any transfers into a UK bank account or do they not need to be made aware.
7) Now that we are considering staying in the UK, should we change our Non-Domiciled status so that we are both UK domiciled?
Many thanksa_retired_frenchman
Ive got a busy schedule today with drinking etc so cld you answer this for me.
I am a Non Domiciled Frenchman living in the UK with my English wife and want to plan ahead for Inheritance Tax (and any possible Capital Gains Tax). I am 67 and have lived in the UK for over 35 years. I have a non domiciled status as I originally intended to move back to France upon retirement. My wife was also granted temporary non domiciled status as she too intended to life in France once we were both retired.
We have three children, all married and they have their own children. It is because of the grandchildren that we are now thinking of staying in the UK.
We have a UK property worth circa £550k and property in France (which I inherited from my own parents and is in my name only) worth circa £250k. We also have some money in UK banks and also some money in a French bank. In our will all assets are to be left to the surviving spouse.
I know this is a complex area, so any help would be very much appreciated on the following questions:-
1) I have read, that despite being granted Non-Domicile status, I could be deemed a UK domicile as I have lived in the UK for over 20 years Is that true?
2) I have also read somewhere that unless we move to France, my wifes Non Domiciled status could be taken away or that for IHT she would be deemed to be UK domiciled if that is correct, how will that affect us?
3) Am I correct in thinking that for Non-Domiciled people, foreign assets are excluded for IHT purposes? Would the deemed-domicile affect this?
4) Am I correct in thinking that only UK assets are included in IHT (even for Non-Domiciled residents)?
5) Can I transfer money now from my French bank account to my UK bank account without being liable to any tax?
6) If the overseas assets are exempt from IHT, upon the a) first death and b) second death, can money held overseas (either from existing bank accounts or from the sale of the overseas property) be transferred to the UK to the surviving spouse or our children, without suffering any immediate CGT? How are the UK authorities made aware of any transfers into a UK bank account or do they not need to be made aware.
7) Now that we are considering staying in the UK, should we change our Non-Domiciled status so that we are both UK domiciled?
Many thanksa_retired_frenchman
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Replies: 98
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Try pushing all-in on the river :)
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good work Joffy :D
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Dont help him mate hes on probation at the moment and i feel it wld be an unfair advantage to others
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only help I could give is get shot of her for a 21 year old Eastern European if got all them assets ;) :D
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happy xmas joffy. u are obviously still stuck in the most boring profession in the world and never got out after your training. i feel for u. tax was never my bag i was a advisory/CF boy before i left. we always had tax nerds to crunch all those sorta problems for us.
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15 all :D
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Good work Arbboy !!
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Come on Arby - this sort of situation must make up 95% of an average accountants work load !
:) |
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u obviously never worked in cf which i did. the boring stuff like this was left to the backroom nerds to deal with and tax geeks. strange bunch which is why most leave the profession. obviously joffy never escaped. seriously feel for him this time of year having to face those issues daily and give gordon 40% of his wages on top as additional punishment
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you forgot ni
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Trick question - why would anyone help a frenchman save tax ?
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i reckon 85% of accountants working in a big 4/5 firm whatever it is nowadays wouldnt be able to answer that question if they werent a full time tax specialist. maybe more.
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Thankyou Arbby
I am an equal partner with my wife and whilst its not the most exciting job in the world it pays very well for not many hours and much better than the 28th best poker player in europe. I also get to meet a lot of interesting peopel from various trades/proffessions etc which also means lots of corporate beanos. Dont forget if you go busto i can offer you a 15k starting salary plus benefits which will include luncheon vouchers. These can be exchanged at the local bakers for donuts but please note luncheon vouchers are a taxable benefit. Gl at the tables and Merry Xmas to you Game over |
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30 15
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never had you down as a number monkey Joffy !!!
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wp gg joffy. sounds really exciting meeting small time business men and women and finance directors/jobs worth bean counters. you are making me so jealous. given the fact i did it for 5 years u dont have to tell me the upsides/downsides. i have been there and done it pal and like anyone else with a brain u leave after the training before u go**ers dealing with possibly the most boring group of pc yes men/women u will ever meet. anyone who is a partner in any firm deserves a huge salary to simply put up with the total dullness of having to answer questions each and every day like the one u posted
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30 all :D
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Oh and as a partner I dont take wages i just take the big lump thats left ;).
Thought you wld of known that. As for 40% its 50% next year woohoo |
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I am an equal partner with my wife and whilst its not the most exciting job in the world it pays very well for not many hours and much better than the 28th best poker player in europe False |
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gordon always takes as big a lump as u get which must really annoy you because it did me. i got no problem with anyone in the profession i just leave really sorry for them having to give half their wages to a scottish miser after doing possibly the most boring job all year to actually earn them.
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Surely after training you leave and start your own company.
Huge difference when you own a practice as opposed to working for a practice. Anyway must get back to the frog if you cant help |
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30 40 break point
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40/30 surely ;)
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Im not sure so im guessing..
B |
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As for Roy Keane dont think i need to prove that me and the mrs earn more than 100k dollars per year lol.
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yes there is a huge diff. its just as boring but all the hassle of running the show and dealing with boring accountant types all day who work for u.
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Joffy you strange man..... 28th best player in the world in what exactly?? Live games?
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Looooooooool.
Dont think that needs the answer as it appears the 28th best player in europe has gone over yr head |
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Roy I think you are sticking beak in when dont know what he is referring too !!
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surely playing STT all day is where my noring than an accounting job?
Major difference also is when you do it bad, one pays and one doesnt !!! |
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Oh it must be Arrrbooooooooooooy?? A jibe?????????
This guy attracts so much attention on here....wtf is with that? |
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FFS - that was meant to say way more boring
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Anyway gg Arbboy.
Ill take a draw and offer peace and harmony with you in the new year. Im taking the nerds to the pub now ;) |
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^ correct
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DEUCE
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u must have a hell of a small practice if after u gross up my winnings across all my gambling investments not just poker u think u earn more than me. me earning £100k is like u having to earn £200k + after tax and exs. maybe u do. would be surprised if the average partner salary for a big 4/5 firm is more than £250k never mind a one man band
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foot fault
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anyway have fun with the geeks down the pub. their big day out on the boss. i bet they are so excited. if only i could come down and talk IGT and CGT with you all and remember how boring my life used to me. have fun and happy xmas.
same to you all and ty for your continued custom in 2010. i appreciate your custom a lot as i might have to go back and solve problems like joffy does daily. |
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Game Shot Match Arbboy :D
A fine match IMO |