This year’s General Election resulted in a period of uncertainty for non-UK domiciled (“non-dom”) taxpayers as anticipated tax laws were dropped from the Finance Bill.
These changes have now been introduced and are effective from 6 April 2017 as originally intended.
The new legislation has a material impact on how non-doms are taxed in the UK, so certain transitional reliefs have been introduced specifically:
1.Mixed fund cleansing – allowing non-doms the opportunity to identify and remit clean capital tax free to the UK;
2.Rebasing of assets – allowing individuals caught by the deemed domicile 15-year rule in 2017-18 and who have previously paid the remittance basis charge to rebase their directly held foreign chargeable assets to their market value at 5 April 2017.
Further details can be found in our recent “Non-Dom Changes Update”
Our Private Client Partners have already helped several clients identify and cleanse clean capital which they can remit to the UK without incurring any tax charges.
If you have claimed the remittance basis in any year up until 5 April 2017 then these transitional reliefs may benefit you and action should be taken at the earliest opportunity.
Please contact Jamie Favell to discuss how we can help you.
Telephone: 020 8037 1100