Russia and CIS Business Services
Personal tax services provided in the UK to Russians
Within our private client tax team in London we have a group dedicated to providing personal tax compliance and advisory services to high net worth Russians. We have a Russian speaker within our team and some of our material is available in both English and Russian. We provide our written advice in English. We work very closely with our equivalent private client team in Moscow (or the client's existing tax and legal advisers) to provide combined UK-Russian tax advice. Where the individual has assets in other jurisdictions (e.g. Switzerland) we work with our global private client network to ensure that tax and legal advice is obtained wherever necessary.
Our clients fall into two categories: those who are resident in Russia and wish to invest in the UK or visit the UK periodically without triggering UK tax residency; and those who come to live in the UK and become UK tax resident.
For the first category (those who remain Russian resident), we provide UK tax structuring advice for the acquisition and holding of UK investments (usually UK real estate). We advise on the UK tax implications of purchase, holding and sale and recommend suitable structures. This will include exposure to UK inheritance tax and we can review Wills from a UK tax perspective. Where appropriate, we also provide UK tax compliance services (e.g. UK tax returns for non UK resident landlords renting out UK property). We also review the individual's proposed visits to the UK and advise whether these are likely to trigger UK tax residency and on the amount of time that the individual can spend in the UK without doing this.
For the second category (those who spend sufficient time in the UK that they become UK tax resident), we assess for them their residence and domicile status, advise them on the UK's statutory regime for UK resident non domiciliaries (including the remittance basis and the taxation of non UK structures such as trusts, foundations and personal companies). We review their asset holding structures (both personal and business) and recommend appropriate restructuring given that they are moving from Russia to the UK. We help them identify suitable funds for UK tax efficient remittance to the UK. We advise on the acquisition of personal residences in the UK and on the acquisition of any UK investments (e.g. UK real estate), advising on the UK tax implications of funding methods and holding structures. We also provide a UK tax compliance service (tax returns, payment of UK tax; registering as appropriate with non UK banks regarding gross payment of investment returns (e.g. under the UK/Switzerland agreement).