Your tax residence status and domicile status affect the extent to which you are liable to tax. There is a difference between your country of domicile and your residence, especially if you are an expat. Many expats go through life not knowing what domicile is, or they assume that they are domiciled in the place…
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A Retirement Annuity Contract (RAC) is a type of defined contribution pension scheme, used as a method of saving money which will then be used to provide you with income in retirement. In return for your contribution or investment amount, you can take income in the form of regular payments from the contract or you…
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The short answer to “What is the difference between pension trusts and contract-based pensions” is that a Trust Pension is established by a settlor, and the assets within are set up in trust, whereas a Contract Pension involves an individual contract between an employee, or an individual and a pension provider. In both cases, the…
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Guernsey has one of the most modern regulatory regimes that conform to international finance and pension standards. In 2001 and 2017, Guernsey became one of the first jurisdictions in the world to regulate pension providers and rules. These and other regulatory and taxation rules make Guernsey a jurisdiction that is a safe place to keep…
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Stamp Duty Land Tax is a big part of the property buying process in the United Kingdom. It is a tax that every homebuyer or commercial property buyer has to pay, and the amount is usually a significant expenditure. Besides having to follow the SDLT rates, the amount you pay when you purchase a property…
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This article presents the history of Stamp Duty Land Tax and how this property tax changed over the years in the United Kingdom. Stamp Duty was first introduced in England in 1694 to help fund the war with France. It originally imposed tax duties on a range of legal documents, such as cheques, property and…
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