The future of non-doms
It was in the July of 2015 when the UK's new Government announced in a surprise Summer Budget that it would be bringing 'an end to non-doms' with fundamental changes to the way UK resident non-domiciled individuals will be taxed. There has since been various consultation phases and policy papers to provide guidance on the proposed changes. The latest update on these changes came on 19th August 2016, when after an extended period of consultation, the Government has made clear that tax is still high on their agenda, with the new rules set to come into effect in April 2017.
There is yet to be a final publication of the new rules at the end of 2016 and whilst there is still some uncertainty as to the application of the new rules we do know who and how certain individuals will be affected. It is clear that there are both opportunities for the careful planner and pitfalls for the unwary. Through regular updates on this page, we will be providing guidance and steps as to what can and should be done now to ensure those affected will be putting themselves in the best possible position by April 2017.
We will continue to update this page with further news and analysis as developments take place, so please check in again for new information.
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