The UK government has issued a second consultation paper and draft legislation implementing its drastic reform of the tax system for resident non-domiciles (non-doms) in April 2017, as announced at the 2015 Summer Budget. The proposals mean that non-doms will no longer be able to mitigate UK inheritance tax on UK residential property through the…Details
The British government plans to extend its inheritance tax (IHT) rules to cover properties held by non-domiciled residents in an offshore entity. The planned extension of the IHT charge will apply to both individuals who are domiciled outside the UK and to trusts with settlors or beneficiaries who are non-domiciled. The UK Treasury, which issued…Details
Financial advisers and accountants have raised concerns about the scope of a new crackdown on tax avoidance by the UK tax authorities, fearing it could deter clients from seeking legitimate advice on tax planning. HMRC warned this week that those promoting aggressive tax avoidance schemes to their wealthy clients could face hefty fines in a move to…Details
The UK government has today released a consultation document providing additional details on the proposed changes to how UK resident non-domiciled individuals are to be taxed. The consultation confirms the government’s intention to reform the UK tax rules and bring the tax position of UK resident non-doms more in line with that of UK domiciled…Details
Wealth managers, accountants, lawyers, tax specialists and others involved in helping British clients to save and invest their money in a tax-efficient manner expressed general support for the ideas behind the British Government’s latest proposals to crack down on illegal tax avoidance. ‘Bad news for taxpayer’ Mark Davies is managing director of London-based Mark Davies…Details
Mark Davies joins the tax avoidance debate in today’s City A.M.
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