Today, the Government has issued further information on the reform of the taxation of non-domiciliaries.
This takes the form of:
- an update to the proposals consulted on in 2015 regarding changes to the taxation of non-doms;
- details of proposals – not previously consulted on – to charge inheritance tax (IHT) on all residential property;
- a possible expansion of business investment relief;
- other draft legislation.
The document is in the form of a consultation paper and so is by no means the final position – but it will provide an idea of the ‘direction of travel’. There is a considerable amount of information provided, which we will consider in detail and issue a further update shortly.