Autumn Statement – Significant announcements for nondoms

A tax update from Mark Davies & Associates Ltd Autumn Statement – 3 December 2014 George Osborne has delivered his final Autumn Statement before the General Election next year. As usual here are our comments directed at our non-dom clients and their advisers. Changes to the Remittance Basis Charge (“RBC”) Some foreign domiciled individuals, “nondoms”,…

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HM Revenue & Customs announces changes to their interpretation of the “remittance basis”

Under the remittance basis UK resident but not UK domiciled persons, “nondoms”, can take advantage of an alternative basis of taxation, commonly called the remittance basis. Where the remittance basis is claimed foreign sources of income or gains are not subject to UK tax unless they are actually remitted, used or enjoyed in the UK.  Borrowing…

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