residence

A tax concept. An individual is considered to be resident in the UK in a fiscal year if he remains in the UK for 183 days or more in the fiscal year in question or if in the past four fiscal years he has stayed in the country for an average of 92 days or more per year. Anyone who is resident in the UK is liable to pay income tax on their worldwide income, subject to certain exceptions. In addition, they are liable to pay capital gains tax on any capital gains which they make worldwide. Individuals who are not UK residents are usually only liable to pay income tax on their income from UK sources. Dresdner Kleinwort Wasserstein financial glossary

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residence res‧i‧dence [ˈrezdns] noun formal

1. [uncountable] the fact of living in a particular place:

• Insurance companies use place of residence to calculate automobile insurance rates.

2. [uncountable] permission to live in a particular country permanently:

• an application for permanent residence

3. [countable] formal a house where people live:

• Florida law protects personal residences against seizure in bankruptcy law.

ˌprimary ˈresidence

[countable] LAW the house in which someone lives most of the time, even though they own other houses:

• The property is no longer occupied as a primary residence.

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residence UK US /ˈrezɪd^əns/ noun FORMAL

► [C or U] PROPERTY a home, or the fact of living in a particular home: »

The property will be used as her main residence.

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Many banks require proof of residence to open an account.

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someone's place of residence

► [U] (also residency) LAW permission to live in a particular country that you were not born in: apply for/seek residence »

An estimated 60% of the workers intend to seek permanent residence.

offer sb/give sb residence »

A 1997 law offered legal residence to many Nicaraguan expatriates

→ See also PRIMARY RESIDENCE(Cf. ↑primary residence)