NON-DOM TAX CHANGES DROPPED FROM FINANCE ACT

NON-DOM TAX CHANGES DROPPED FROM FINANCE ACT

In the rush to conclude parliamentary business in advance of the snap general election on 8 June 2017,
the reforms to non-dom taxation intended to take effect from 6 April 2017 have been dropped from the Finance Act 2017.

  • Excluded from the Finance Act are the provisions on:
  • deemed domicile for non-doms who have been resident in the UK for 15 of the previous 20
    tax years
  • rebasing of assets held by long-term resident non-doms at 5 April 2017
  • deemed domicile for ‘formerly domiciled residents’ or ‘returning non-doms’
  • cleansing of mixed funds
  • changes to the taxation of offshore trusts
  • the introduction of Inheritance Tax (IHT) on indirectly held UK residential property.

Please read the full article here Non dom tax changes dropped from Finance Act May 2017

 

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