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New UK Finance Bill will bring in non-dom shakeup
14/07/2017 , News Team

A new Finance Bill which will include sweeping changes to the way that non-domiciled residents are taxed in the UK will be introduced as soon as possible, the Treasury has confirmed.

The non-dom legislation was originally due to have been implemented in April, but was sidelined by the May government’s snap general election.

The bill, to be introduced after the summer recession, will provide for non-doms to be regarded as domiciled in Britain for tax purposes if they have lived here for 15 years out of the last 20.  The previous threshold was 17 years out of the 20-year period.

The Treasury will also go ahead with changes that mean a non-domicile individual who holds property in the UK from 6 April 2017 through an overseas corporate structure will now be subject to inheritance tax on the value.

While the non-dom changes are negative, they at least give certainty to the new tax regime covering the many wealthy who make the UK their home. Advisers were left in a state of wide uncertainty over how to counsel non-doms because of the sudden election in June.

“The Finance Bill introduced in March 2017 provided for a number of changes to tax legislation that were withdrawn from the bill after the calling of the general election,” the Treasury statement said. “The then-financial secretary to the Treasury confirmed at the point they were withdrawn that there was no policy change and that these provisions would be legislated for at the first opportunity in the new parliament.”

Those affected by the provisions should continue to assume that “they will apply as originally announced,” the Treasury concluded.
 

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