The 2016/17 tax year has ended and the key elements of HMRC’s Non-Dom reform are now in force.
If you are a non-dom that has been claiming the remittance basis in the UK, or a non-dom that is now deemed domiciled by virtue of being a UK resident for 15 of the 20 years then it is important that you take steps to optimise your tax position, utilising the valuable transitional rules which have been introduced as part of the non-dom reform.
If you would like advice on how to re-organise offshore mixed funds to establish “clean capital” which can be remitted to the UK tax free, then please contact us for expert advice.
In addition, newly deemed domiciled taxpayers, who have previously paid the remittance basis charge, will be benefit from the rebasing of their foreign situated capital assets to market value on 5 April 2017, for CGT purposes. Please contact us for advice on how to optimise this valuable tax relief.