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 from a mixed fund;
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.
Please see our recent update for further details…..
…..and contact us for further assistance.