Private client—United Kingdom - England & Wales—Q&A guide
Private client—United Kingdom - England & Wales—Q&A guide

The following Private Client practice note provides comprehensive and up to date legal information covering:

  • Private client—United Kingdom - England & Wales—Q&A guide
  • 1. How does an individual become taxable in your jurisdiction?
  • 2. What, if any, taxes apply to an individual’s income?
  • 3. What, if any, taxes apply to an individual’s capital gains?
  • 4. What, if any, taxes apply if an individual makes lifetime gifts?
  • 5. What, if any, taxes apply to an individual’s transfers on death and to his or her estate following death?
  • 6. What, if any, taxes apply to an individual’s real property?
  • 7. What, if any, taxes apply on the import or export, for personal use and enjoyment, of assets other than cash by an individual to your jurisdiction?
  • 8. What, if any, other taxes may be particularly relevant to an individual?
  • 9. What, if any, taxes apply to trusts or other asset-holding vehicles in your jurisdiction, and how are such taxes imposed?
  • More...

Private client—United Kingdom - England & Wales—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to private client in United Kingdom - England & Wales published as part of the Lexology Getting the Deal Through series by Law Business Research (published: October 2020).

Authors: Forsters LLP—Anthony Thompson; Nicole Aubin-Parvu; Alfred Liu

1. How does an individual become taxable in your jurisdiction?

Principal factors

An individual's place of domicile and residence are the principal factors in determining how he or she may be taxed in the United Kingdom (UK). The situs of assets will also be relevant in respect of certain taxes.

Domicile

Broadly speaking, an individual's domicile is where he or she has a 'permanent home' and intends to live permanently or indefinitely. Long-term residence may be a factor in determining domicile but is insufficient in itself.

At birth, an individual's domicile of origin will be based on the domicile of his or her parents (primarily his or her father). A domicile of origin can be displaced by the acquisition of a domicile of dependency (if an individual's parents acquire a new domicile while he or she is under 16 years) or, after the age of 16 years, a domicile of choice (if an individual resides in another country with the intention of residing there permanently or indefinitely). However, if an individual loses a domicile of choice in a country by

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