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Problem - Overseas Income and Ethical Issues - Carlos is 30 years old. He was born in Spain and both his parents are Spanish. Carlos moved to the UK in 2015. He works in Norwich as a self-employed translator and Spanish teacher, and he receives dividend income from a Spanish company.
Carlos tells you he has a sum of money given to him by his grandfather. This money is in a UK bank account. He thinks it is earning some interest, but he has not bothered declaring it to HMRC.
Required -
a) Analyse the difference between tax domicile and residence.
b) Discuss Carlos's tax status and advise how his self-employed income and dividends would be assessed to UK income tax.
c) Advise Carlos concerning disclosure of the bank interest.
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