Draft Finance Bill 2017 reforms. We are happy to advise you.

Posted on Friday 24th February, 2017 by

Non-UK domiciles: Draft Finance Bill 2017 reforms 

Overview

With effect from 6 April 2017 UK resident non-doms who are either long-term residents or have a “strong connection” with the UK by virtue of being born in the UK and having a domicile of origin here will become “deemed domiciled” for all tax purposes.

 

It’s essential that if you are domiciled outside the UK, but have been living here (resident) for more than 13 years action is required to assess how the new regulations will impact your tax position.

 

So what is changing?

 

  1. Non-doms who have been UK resident in 15 of the previous 20 tax years (“long-term deemed doms”) will be treated as the UK domiciled for all tax purposes.
  1. The period of non-UK residence required to lose deemed UK domicile status for inheritance tax (IHT) has been shortened to three full tax years.
  1. The availability of the remittance basis will be available to temporary non-residents in the year of their return to the UK, in respect of proceeds of gains realised in the non-resident period.

Please find more here: http://aspirationsaccountancy.co.uk/news/latest-news/

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