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I am non dom i pay a flat fee to the revenue..can i qualify…

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I am non dom i...
I am non dom i pay a flat fee to the revenue..can i qualify for SEIS investments and obtain tax relief ?
Submitted: 5 years ago.Category: UK Tax
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Answered in 46 minutes by:
4/17/2013
UK Tax Professional: TaxVince, Accountant replied 5 years ago
TaxVince
TaxVince, Accountant
Category: UK Tax
Satisfied Customers: 972
Experience: Chartered Accountant >20 years + Qualified IFA
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MamaTax :

Hi Its MamaTax Here!

MamaTax :



Hi there



Could you please clarify your question and the comments on the flat fee?




With regards XXXXX XXXXX Enterprise Investment Schemes (“SEIS”), even those UK resident who are non-UK domiciled persons wishing to remit overseas income and gains to the UK are eligible to invest in SEIS.



The main conditions are that you need to invest in a in qualifying companies. In addition the Company must have a qualifying trade for a minimum of three years. Certain types of companies do not qualify – such as dealing in land, property development, farming, money lending etc. A full list is provided by HMRC on their website HERE.




Regards



Let me know if you have any further comments.

JACUSTOMER-hkcgt4h7- :

i know this, if i am non dom and i pay the revenue a flat fee do i qualify for relief under the scheme?

MamaTax :



Thanks for your reply. Can you comment a little about the flat fee? Is this income tax? What does the flat fee relate to?

MamaTax :



Are you still there? Aside from your query above. SEIS apply to all UK tax residents whether they are domiciled in UK or Non-doms using remittance basis. However it would be worth to hear from you about what you mean by paying revenue a fixed fee?

JACUSTOMER-hkcgt4h7- :

hi certain non doms, from what i understand, pay a flat rate of tax, but live in this country. i.e £50k per year?

MamaTax :



A non-UK domiciliary or non-UK ordinary resident who is tax resident in UK is taxed like everybody else on all foreign income and gains. However there a choice should a non doms wishes to be taxed on the remittance basis ie you can choose to have your non-UK income and gains taxed in the UK only to the extent that they are brought into or enjoyed in the UK. Income and gains made abroad which are left abroad are called ‘unremitted’ income and gains.

JACUSTOMER-hkcgt4h7- :

let me ponder

MamaTax :



People who have been resident in the UK for at least 7 out of the prior 9 tax years have to pay an additional charge if they choose Remittance Basis and the charge of £30,000 in order to use the remittance basis. There is also a charge of £50,000 Remittance Basis Charge for individuals who have been resident in at least 12 of the previous 14 tax years.

MamaTax :



This link summaries the tax treatment of non-dom click HERE. Please have a look at it and let me know if this suffices.

MamaTax :

Hope this helps. Let me know if you have any further comments and you are eligible for SEIS if the investment is a qualifying investment. IF you are now sorted could please rate the question before you go so that I can get paid for the time spent. Thanks.

MamaTax :

Im just following up on the question to see if this helped and if you need any further help. IF you are now sorted could please rate the question before you go so that I can get paid for the time spent. Thanks.

JACUSTOMER-hkcgt4h7- :

Thanks, XXXXX XXXXX is only on overseas income so i assume that means if they are paying uk tax they can qualify for SEIS ?

MamaTax :

yes. SEIS apply to all UK tax residents whether they are domiciled in UK or Non-doms using remittance basis.

MamaTax :



Are you still there?? IF you are now sorted could please rate the question before you go so that I can get paid for the time spent. Thanks.

MamaTax :



Is there any further information you require? Im going to be away for some time and Im just wondering if there is anything you want to be clarified regarding the question; any additional comments you may have etc before we close off this question.



I just want to ensure that you are satisfied, so please let me know if you have any further queries on your position. Please remember to rate my answer, if you are satisfied. If you do not rate then I do not receive any credit for the time I have taken to answer your question.



Kind regards,

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UK Tax Professional: TaxVince, Accountant replied 5 years ago

Let me know if you have any further comments. IF you are satisfied could you please rate the question so that i can be paid for the time spent. IF you dont rate, i dont get paid. Thanks,

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