Clarification on tax rules following General Election fiasco!

After months of uncertainty, the government have confirmed that the previously announced changes to the taxation of non UK domiciled individuals WILL come in now as previously announced and will take effect from 6 April 2017.

 

The government significantly edited the Finance Bill 2017 to ensure that it was passed before parliament was dissolved ahead of rush election earlier this year. This included the removal of the contentious changes to the Taxation of non-UK domiciled individuals and non-UK resident trusts, which included:

  • The rebasing of foreign assets
  • The ability to separate mixed funds – cleansing
  • No ability to claim the remittance basis for non-domiciled individuals who have been tax resident in the UK for 15 years.

 

Updated legislation has now been published. We are currently in the process of reviewing the new updated draft provisions although on first glance it seems as though they are the same as had previously been issued. This means that any planning put into place ahead of the changes coming in should be valid.

 

If you have any specific queries please contact your usual Forbes Dawson contact.

 

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