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AI Global Media Ltd.
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Invoice Number AIGP-0247
Order Number 2013
Invoice Date 13 June 2022
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1AI Guest Post
  • Brand: EU Business News (£70.00) £70.00
  • Select Publication Date: 2022-06-16
  • Number of images/videos: 1 (£0.00)
  • Media 1: Image or video?: Image (£0.00)
  • Total number of words: 500-750 (£0.00)
  • Article title: Advice for Managing International Tax for Multiple Assets
  • Article text: [*bold*]Advice for Managing International Tax for Multiple
    Assets[*endbold*]

    While the fantasy of being a high net-worth individual
    with multiple assets located across the globe may seem alluring, it can be incredibly
    complex and challenging to manage these successfully.

    This is borne out by the challenges facing Russian oligarch
    Roman Abramovich, [*nolink https://www.gov.uk/government/news/abramovich-and-deripaska-among-seven-oligarchs-targeted-in-estimated-15bn-sanction-hit *]whose
    assets in the UK[*endlink*] (including Chelsea Football Club) were frozen as part of
    the government’s sanctions on Russia.

    But how can you successfully manage international
    assets while minimising tax payment lawfully? Let’s find out!

    [*bold*]#1. Structure Your Financial Affairs Using Legal
    Expertise[*endbold*]

    Before you attempt anything else, we’d [*link https://www.withersworldwide.com/ *]recommend liaising with a legal tax expert[*endlink*]
    to ensure that your financial affairs are structured in a compliant and
    efficient manner.

    This way, you can legally mitigate and minimise tax
    inefficiencies, while capitalising on local and international loopholes (we’ll
    touch more on a couple of these below) to help those of you with assets dotted across
    the globe.

    This may take time depending on the range of value
    of your assets, but it’s crucial if you’re to minimise your annual tax burden without
    falling foul of the necessary laws.

    [*bold*]#2. Consider Paying Tax on a Remittance Basis[*endbold*]

    If you live in the UK but don’t intend to live
    there permanently and hold a broad range of international assets, you may be
    able to pay tax strictly on a remittance basis.

    In laymen's terms, this means that you won’t have
    to pay tax on your income and returns sourced from overseas, as long as they’re
    not remitted into the UK.

    Interestingly, this was a focus of media attention
    recently, after it was revealed that [*nolink https://www.bbc.co.uk/news/uk-politics-61045825 *]Rishi Sunak’s wife had
    such a tax arrangement[*endlink*] after the Chancellor had announced a significant hike
    in National Insurance for everyone.

    Of course, the subsequent media pressure forced
    Sunak’s partner to subsequently pay full UK tax on her overseas income, but
    this remains a viable option for other high net-worth individuals with a lower
    profile!

    [*bold*]#3. Claim Main Residence Relief for Foreign Holiday
    Homes[*endbold*]

    There also remains nothing in the UK’s body of tax
    legislation that says an overseas holiday home cannot be listed as a Brit’s main
    residence for Capital Gains Tax purposes.

    In fact, a holiday home can be treated as your main
    residence by making an election that this effect (usually within two years of
    you buying the property).

    Of course, the property will need to be owned directly
    by you, while following this process formally will ensure that you’re exempt
    from some (or maybe all) of any capital gains tax imposed in the UK.





































    Just remember that you’re only allowed to claim one
    main residence, while if you’re married, you can only list one between you. So,
    this should only be considered if you’re not intending to sell your UK home any
    time soon (or hope to avoid getting divorced in the near term!). 

_Brand: EU Business News (£70.00) £70.00
_Select Publication Date: 2022-06-16
_Number of images/videos: 1 (£0.00)
_Media 1: Image or video?: Image (£0.00)
_Total number of words: 500-750 (£0.00)
_Do-Follow links: 1
_Article title: Advice for Managing International Tax for Multiple Assets
_Article text: [*bold*]Advice for Managing International Tax for Multiple Assets[*endbold*] While the fantasy of being a high net-worth individual with multiple assets located across the globe may seem alluring, it can be incredibly complex and challenging to manage these successfully. This is borne out by the challenges facing Russian oligarch Roman Abramovich, [*nolink https://www.gov.uk/government/news/abramovich-and-deripaska-among-seven-oligarchs-targeted-in-estimated-15bn-sanction-hit *]whose assets in the UK[*endlink*] (including Chelsea Football Club) were frozen as part of the government’s sanctions on Russia. But how can you successfully manage international assets while minimising tax payment lawfully? Let’s find out! [*bold*]#1. Structure Your Financial Affairs Using Legal Expertise[*endbold*] Before you attempt anything else, we’d [*link https://www.withersworldwide.com/ *]recommend liaising with a legal tax expert[*endlink*] to ensure that your financial affairs are structured in a compliant and efficient manner. This way, you can legally mitigate and minimise tax inefficiencies, while capitalising on local and international loopholes (we’ll touch more on a couple of these below) to help those of you with assets dotted across the globe. This may take time depending on the range of value of your assets, but it’s crucial if you’re to minimise your annual tax burden without falling foul of the necessary laws. [*bold*]#2. Consider Paying Tax on a Remittance Basis[*endbold*] If you live in the UK but don’t intend to live there permanently and hold a broad range of international assets, you may be able to pay tax strictly on a remittance basis. In laymen\'s terms, this means that you won’t have to pay tax on your income and returns sourced from overseas, as long as they’re not remitted into the UK. Interestingly, this was a focus of media attention recently, after it was revealed that [*nolink https://www.bbc.co.uk/news/uk-politics-61045825 *]Rishi Sunak’s wife had such a tax arrangement[*endlink*] after the Chancellor had announced a significant hike in National Insurance for everyone. Of course, the subsequent media pressure forced Sunak’s partner to subsequently pay full UK tax on her overseas income, but this remains a viable option for other high net-worth individuals with a lower profile! [*bold*]#3. Claim Main Residence Relief for Foreign Holiday Homes[*endbold*] There also remains nothing in the UK’s body of tax legislation that says an overseas holiday home cannot be listed as a Brit’s main residence for Capital Gains Tax purposes. In fact, a holiday home can be treated as your main residence by making an election that this effect (usually within two years of you buying the property). Of course, the property will need to be owned directly by you, while following this process formally will ensure that you’re exempt from some (or maybe all) of any capital gains tax imposed in the UK. Just remember that you’re only allowed to claim one main residence, while if you’re married, you can only list one between you. So, this should only be considered if you’re not intending to sell your UK home any time soon (or hope to avoid getting divorced in the near term!). 
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£70.00£70.00
Subtotal:£70.00
Discount:-£25.20
VAT:£8.96
Payment method:Pay via Invoice
Total:£53.76