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
- 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