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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Protected Trusts – what action should our clients take?

HAVE PROTECTED TRUSTS TURNED INTO FALSE PROMISES? Those worrying about what else has been neglected, whilst the UK government’s attention is wholly fixed on Brexit and infighting, will take no comfort from HM Revenue’s recent statement that offshore income gains are not within the new Protected Trusts regime. Background The introduction of the Deemed Domicile rules for income and capital gains tax from April 2017 ended the unlimited access…

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Proposed reforms to the taxation of non-doms announced by Treasury

Summary of Consultation Paper issued 30 September 2015  Government’s stated policy aims:- Persons who are UK resident in 15 out of the last 20 tax years will become “deemed domiciled”. They will pay tax on their worldwide personal income and gains, but foreign income and gains sheltered within an offshore trust will escape taxation. Persons…

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