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Non-doms 'should take extra care' with tax returns
People who are not domiciled in the UK need to take extra care when preparing their 2008/09 tax return if they have used offshore tax planning, a professional services firm has warned.
This year's returns could have an important effect on the future of the UK as a financial centre, according to KPMG.
UK resident non-dom taxpayers must this year decide whether to claim the remittance basis, keeping their offshore profits outside the country's tax net, or pay UK tax on their worldwide income or gains.
For those living in the UK for seven years or more, there is also a £30,000 fee to use the remittance basis.
"There are many rules and potential traps, so non-dom tax payers need to consider their returns very closely," commented David Kilshaw, head of private client advisory at KPMG.
"One small slip could trigger a disproportionately high tax bill."
KPMG Forensic's Fraud Barometer recently revealed that 2009's fraud figures were the highest in 22 years, standing at an estimated £1.3 billion.
Posted by Fiona Beck
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