Lord Alan Sugar was in the news recently regarding an unexpected tax bill – £186 million. This was tax on a dividend he received from his company whilst he claimed to be non-resident in the UK!
Having emigrated to Australia, he thought he would not have to pay UK tax. However, it went wrong, in this case and not for a reason that is likely to affect too many taxpayers. By definition, Members of the House of Lords are UK tax resident.
Ensure you seek professional advice before undertaking any tax planning exercises, and ensure the advisers have all the facts!
