The UK is set to suffer a mass exodus of non-dom settlors when new laws come into force next April, Mark Davies Associates has warned. Changes to the taxation of non domiciles were first announced in the Summer Budget 2015 but, based on the release of specific proposals last Friday (19/08/2016), the implications are likely…
DetailsSweeping changes to the U.K.’s taxation of non-domiciled residents will still take effect from April 2017 despite the country’s vote two months ago to leave the European Union, the U.K. government has confirmed. Her Majesty’s Treasury confirmed its commitment to the tax treatment overhaul in an Aug. 19 consultation document, which faced a delay in…
DetailsThe 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…
DetailsThe 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…
DetailsFinancial 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…
DetailsThe 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…
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