articles: Gill Smith

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.

Changes to the taxation of non-domiciled individuals

The long-awaited draft non-dom legislation has now been published as part of the draft Finance Bill 2017. The proposals are broadly moving forward as discussed in the various consultations, with a few surprises and some small beneficial tweaks. It is confirmed that the changes will take effect from 6 April 2017.

Changes to the taxation of non UK domiciliaries

Last year the Government unveiled a suite of changes targeted at the taxation of non-domiciled individuals. A consultation document was published last year, alongside very limited draft legislation and last week the Government published a further consultation document, taking account of responses to the original consultation.

Changes to taxation of non-domiciled individuals

Following an announcement in the July 2015 Budget the Government issued a consultation document on 30 September proposing a number of changes to the taxation of individuals who are resident in the UK for tax purposes but who are domiciled elsewhere (non-doms). There are three major changes proposed, to be included in the 2016 Finance Bill and to take effect from 6 April 2017.