Today’s Autumn Statement confirms that the sweeping changes to the taxation of non-UK domiciliaries (“non-doms”) which are due to take effect in April 2017 remain on track. Further details and legislation on these proposals will be released on 5 December. Individuals will then have just a few months to plan and execute any restructuring which … Continue reading Non-doms
The Chancellor’s 2016 Budget devotes very little attention to non-doms. This alone is something of a relief, given the number of recent changes to these rules. The 2016 Budget confirms that the main changes announced in the Summer Budget 2015 will be introduced in the Finance Bill 2017 and become effective from April 2017 (i.e. deemed … Continue reading Good news for deemed doms
In July 2015, the Chancellor announced his intention to abolish permanent non-dom status for income tax and capital gains tax with effect from April 2017. Details on these proposals, which first slipped out on 21 September in the form of a Consultation Document (“Condoc”), only to be rapidly removed from HM Treasury’s website, are summarised below. The … Continue reading Non-Dom changes – details slip out
The Chancellor has predictably announced further restrictions on the non-dom rules in today’s 2015 Summer Budget. The key measures are: non-dom status will only be available for IHT and income tax and capital gains tax for the first 15 years of residence in the UK; some UK-born individuals who move abroad will be prevented from … Continue reading Non-doms: more restrictions
Continuing the trend of making changes to the taxation of residential property in recent Budgets the Chancellor today announced three residential property tax changes: • Limiting the deduction of finance cost in respect of residential property by individual landlords • Introducing an additional inheritance tax nil-rate band for residential property • Extending inheritance tax for non-doms … Continue reading Residential property tax rollercoaster
The first all-Tory Budget of this most political of Chancellors will have to balance his stated commitment to cut government spending by £30bn over the next two years with his self-denying ordinance prohibiting increases in NICS, VAT or income tax in this Parliament. He will want to get the economic pain over with as soon … Continue reading July Budget: what we’re expecting
All bad news In the run up to the general election next Thursday, each of the main political parties has proposed changes to the taxation of UK resident non-domiciliaries (“non-doms”). The statements made in published manifestos and by party leaders during interviews are summarised below. These provide the best available indication as to what changes are … Continue reading General election – bad news for non-doms
Tomorrow’s Budget Speech is likely to have a split personality, being the final Budget of the Con/Lib Coalition Government but also an opportunity for this most political of Chancellors to publicise some of the more electorally attractive policies to be included in the forthcoming Conservative manifesto. This blog post concentrates mainly on the former aspect. … Continue reading Budget March 2015: what are we expecting?
The Government released further details of the proposed new taxes on UK residential property owned by “non-natural persons” on Tuesday 11 December. The news Most of the news is good. The scope of the charges have been restricted. The CGT charge will now only apply to gains accruing after April 2013, and not … Continue reading The pressure’s off to restructure high value residential real estate before Easter
Taxing the rich has been a popular sport recently, both abroad and in the UK. There was every chance that the Chancellor would use today’s Autumn Statement to make another raid on the deep pocketed. Instead, he has (for now) directed most of his attention at tax cheats. Along with the headline-grabbing (but relatively minor) … Continue reading Tax the rich or plug the leaks? Osborne chooses the latter.