Use The Same Techniques The Rich And Famous To Avoid Taxes!
You’ve probably read in the newspapers of various celebrities and successful business who manage to avoid or at least substantially reduce their UK taxes whilst a significant proportion of the general public are paying close to 50% of their income in tax. Well, there’s nothing to prevent you using some of these techniques to slash your UK taxes as well, depending on your circumstances.
Here’s some of the techniques that the Rich & famous use:
Make the most of your offshore status
People like Mohammad al Fayed make tremendous use of their non UK domiciled status. If you’re an overseas national and were born overseas (typically your father will also have been a non UK domiciliary at the date of your birth) you can avoid paying any tax on your overseas income and capital gains. The main condition to this is that you need to keep the income or proceeds outside of the UK. As you’d expect though there are ways around this to enable some of the proceeds and income to be brought into the UK free of taxes.
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