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 ?
A second issue is what happens when a global entity wants to bring risk back into its parent company balance sheet, when it is domiciled outside the United States.
People both resident and domiciled in the UK are liable to taxation on their worldwide income and gains.
Where an individual is domiciled in the UK, all their assets will fall into their estate for inheritance tax purposes.
for 213 days, but is an NRA for estate and gift tax purposes because he never intended to be permanently domiciled in the 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.
has placed the financial strength ratings (FSR) of A+(Superior) and issuer credit ratings (ICR) of "aa-" of GeoVera Insurance Company, USF&G Specialty Insurance Company (both domiciled in Hunt Valley, MD) and Pacific Select Property Insurance Company (Fairfield, CA) under review with negative implications.
which is domiciled in Anguilla, British West Indies.
domiciled large value funds and received five (5) stars for the 3-year period ended 1/31/05.
LONDON -- The Bank of New York, a global leader in securities services, has been selected as hedge fund administrator by the Kallista Credit Arbitrage Fund, a Cayman domiciled fund listed on the Irish stock exchange.
NYSE:ZNT) today announced that its California domiciled insurance subsidiaries have received letters of inquiry from the California Department of Insurance ("California DOI") requesting information about Zenith's arrangements and dealings with its agents and brokers.