Budget 2012

21 March 2012 Tax rates and allowances There is particularly good news for those currently paying tax at the additional rate of 50%. The Government has  acknowledged that this rate is potentially damaging to the attractiveness of the UK ‘particularly as a significant number of those affected by the additional rate are internationally mobile’. Accordingly, with…

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Draft Finance Bill 2012

The Draft Finance Bill 2012 was published on 6 December following the Chancellor’s Autumn Statement. For most non-doms the draft clauses signal good news, namely the simplification to their taxation as proposed in June 2011. However, on the downside, the delay to the long anticipated statutory residence test and the proposals to clamp down on…

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Reform of the taxation of non-domiciled individuals

On Friday 17th June HM Treasury released a consultation document on the proposed changes to the tax regime for personals not domiciled in the UK (“nondoms”). Aside from the previously published increase in the remittance basis charge to £50,000 per annum for those longer term UK residents (persons resident in 12 out of the previous…

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