A section 615 Benefit Scheme is for individuals who are carrying out duties outside the United Kingdom for a UK company irrespective of nationality, domicile or residency. Through s615, it is possible to use longstanding provisions within UK statute to achieve tax and social cost savings in other countries.
Greater incidence of cross-border employment has caused an increasing number of individuals to face problems in funding for their future. Overseas appointments are not always compensated by higher remuneration packages, contracts are usually short term and, as a result, often no thought is given by employers to the provision of employee benefits, including pension funding. Overseas appointments often result in exposure to a significantly higher combination of tax and social security charges, especially within the European Union.
Now expatriates have a unique opportunity to continue funding for their future by making tax-deductible contributions to a gross fund. The section 615 Benefit Scheme is the first such vehicle to offer this combination of advantages.
There are broadly four categories of people who can benefit from a section 615 Benefit Scheme:
1. Any employee of a UK Limited Company whose duties are conducted wholly outside the UK.
2. Executives of multi-national employers of overseas parentage with a United Kingdom presence.
3. Self employed or contracting expatriates, of any nationality, who are working in any country outside the United Kingdom.
4. UK resident Executives of a UK Limited Company who conducts specific duties outside the UK amongst their other UK responsibilities.
For those who do not currently have a UK employment relationship in place, s615(6) Limited can assist in forming and administering a special purpose company or alternatively, we can provide an umbrella employment company. For further details, please contact s615(6) Limited.
http://www.section615.co.uk/Eligibility.htm
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