Latest changes to the taxation of non-domiciled individuals

The Government recently issued the final version of the draft legislation affecting ‘non doms’, due to take effect on 6 April 2017, as a further update to the draft Finance Bill 2017. The new material mainly concerns the tax treatment of income in offshore trusts. It also updates the proposals for rebasing of offshore assets for certain individuals and for the cleansing of mixed funds by certain individuals.

MiFID II authorisations gateway

The FCA announced the opening of the MIFID II authorisations gateway on 30 January. It is thought that around 600 applications will be submitted over the coming months including new applications for authorisation of organised trading facilities, commodities dealers and data reporting service providers. Similarly, variations of permissions and notifications from existing firms that require a change of permission or passporting rights are expected.
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