HMRC is consulting until 2 March on draft Finance Bill 2016 legislation introducing new income tax and CGT deemed domicile rules from 6 April 2017 for individuals who have been resident in the UK for at least 15 out of the previous 20 tax years. Draft legislation on IHT aspects was published in December 2015. The changes will not apply to foreign chargeable gains accruing during periods of temporary non-residence beginning before 8 July 2015. Protection for income and gains retained in offshore trusts set up before the new rules take effect will be included in Finance Bill 2017. See www.bit.ly/1SewC6d.
HMRC is consulting until 2 March on draft Finance Bill 2016 legislation introducing new income tax and CGT deemed domicile rules from 6 April 2017 for individuals who have been resident in the UK for at least 15 out of the previous 20 tax years. Draft legislation on IHT aspects was published in December 2015. The changes will not apply to foreign chargeable gains accruing during periods of temporary non-residence beginning before 8 July 2015. Protection for income and gains retained in offshore trusts set up before the new rules take effect will be included in Finance Bill 2017. See www.bit.ly/1SewC6d.
