Closed borders has left some affluent individuals in unexpectedly complex tax situations for spending too many days in a foreign locale
The Bombardier Inc Global 6000 business jet, on display during a media event at Seletar Aerospace Heights in Singapore before the pandemic. Picture: GETTY IMAGES/NICKY LOH
“The pandemic means we’ve now got people stuck in the UK who didn’t intend to be here, and people who did want to be here that couldn’t,” he said. “It’s gone both ways.” Spending more than six months in a country typically makes someone a tax resident, though the location of permanent homes, travel histories and income sources are also factors. That makes the tax residency of the wealthy — owners of private jets, houses and businesses worldwide — especially complicated. And it becomes even more so when each nation applies different criteria.
The Covid-19 pandemic has also thwarted plans of those hoping to relocate this year to a country with lower taxes. In the past, tycoons including steel magnate Lakshmi Mittal, Daily Mail owner Viscount Rothermere and Chelsea Football Club owner Roman Abramovich have made use of UK tax exemptions on overseas earnings in exchange for an annual charge.
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