Domicile

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Domicile

A place where one maintains one's primary residence for tax purposes. One proves a domicile by registering to vote, maintaining a driver's license, and/or actually living in the place. It is important to note that one usually but does not always live in the domicile. Indeed, domiciles are somewhat controversial, especially in Britain. This is because many foreign workers claim other places as their domicile in order to avoid taxes on worldwide income. For example, a resident of Britain with a house in Oklahoma may register to vote in Oklahoma and claim this as their domicile. Thus, the resident only pays taxes on income earned in the United Kingdom. Lawmakers have made various suggestions on how to close to loophole but one may still take advantage of it.

Domicile.

Your domicile is your permanent residence, which you demonstrate by using it as your primary home, holding a driver's license using that address, and registering to vote in that district.

Your domicile affects your state and local income taxes, state estate and inheritance taxes, and certain other tax benefits or liabilities.

domicile

The place of one's principal residence.

References in periodicals archive ?
As of now, if the cedent is domiciled in a Solvency II-compliant jurisdiction, the amount of credit the cedent will be allowed to take for the reinsurance it purchased is unclear if it reinsures with a U.
Assets can be passed between UK domiciled spouses in unlimited amounts without creating an IHT liability.
Each type of domicile has its own complex rules but essentially you can only be domiciled in one country at any one time, this is unlike residence which allows you to be resident in more than one country at the same time.
Mitchell" in an opinion was domiciled in Louisville,
Gifts of intangible property are not subject to gift tax if the donor is not a citizen or domiciled in the United States, and under a special rule U.
Best also produces Best's Pocket Key Rating Guide - P/C or L/H - US & Canada, which include financial profiles of thousands of insurance companies domiciled in the U.
Market timing and time zone arbitrage are not just US phenomena - European domiciled funds could also be at risk if they contain equities traded on exchanges which close prior to their order cut-off time or NAV calculation point.
Also, the group will consist of a Bermuda domiciled holding company and reinsurance operating company, which will assume fifty-percent (50%) of the business produced from the three U.
It illustrates our commitment to the alternatives industry and underlines the quality of systems and staff required to provide first class client service to a wide variety of investment strategies, wherever they are domiciled.
Where the spouses are domiciled in different states, the law of their common state of citizenship shall apply.
2bn in assets under administration in Ireland across 960 domiciled and non-domiciled funds.