articles: Private Client Services

What will be in the Budget?

The Chancellor of the Exchequer will present the Budget on Monday 29 October 2018, against a backdrop of relatively favourable economic conditions but considerable uncertainty about the outcome of the Brexit negotiations. The following are some of the areas where the Chancellor may be considering making changes.

Mind over model

Checking the weather? Guess what – you’re using a model. While models can help us gain insights that we can use to make good decisions, they are inherently incomplete simplifications of reality.

Are you prepared for the requirement to correct?

The requirement to correct (RTC) legislation is now in force and concerns all taxpayers with overseas income or assets. The purpose of the RTC rules is to encourage taxpayers with overseas interests to ensure that their historical UK tax position is corrected by 30 September 2018. Those who do not do so by that date will be exposed to greatly increased penalties.

Non-dom update

It has been announced by the UK Government that the Finance Bill proposals relating to non-doms that were dropped prior to the election will be reintroduced, and that they will take effect from 6 April 2017 as originally envisaged.  It is not clear when this will occur – the statement simply says "as soon as possible", and that could be as late as October, subject to no change of government.