Chris Groves and Sophie Dworetzsky (Withers) speculate on possible Budget reforms to the non-dom rules.
What might reforms to the non-dom rules look like?
George Osborne has been robust in his defence of the remittance basis regime claiming in the general election campaign that abolishing ‘non-dom status altogether … would cost our country hundreds of millions of pounds in lost tax revenues and lost investment’. However leaving the regime in its current form does not seem to be in the Conservatives’ plans either. So the remittance basis charge which was increased to a maximum of £90 000 in the April Budget looks likely to increase further. The proposal to allow non-doms to elect for the remittance basis only on a triannual basis also looks likely to proceed. Will there though be a more far reaching reform of the non-domicile regime?
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Chris Groves and Sophie Dworetzsky (Withers) speculate on possible Budget reforms to the non-dom rules.
What might reforms to the non-dom rules look like?
George Osborne has been robust in his defence of the remittance basis regime claiming in the general election campaign that abolishing ‘non-dom status altogether … would cost our country hundreds of millions of pounds in lost tax revenues and lost investment’. However leaving the regime in its current form does not seem to be in the Conservatives’ plans either. So the remittance basis charge which was increased to a maximum of £90 000 in the April Budget looks likely to increase further. The proposal to allow non-doms to elect for the remittance basis only on a triannual basis also looks likely to proceed. Will there though be a more far reaching reform of the non-domicile regime?
...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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