David Gauke, Exchequer Secretary, has announced that the ‘core’ reforms to the rules on the taxation of non-domiciled individuals will be included in Finance Bill 2012, the detail having been published on 6 December 2011. These reforms include the introduction of a higher £50,000 annual charge, a new relief to encourage business investment, and simplifications to certain aspects of the existing non-dom rules.
The government intends to proceed with the legislating of Statement of Practice 1/09, and the statutory residence test, but these measures will now be brought forward in Finance Bill 2013, to take effect from April 2013 rather than April 2012.
David Gauke, Exchequer Secretary, has announced that the ‘core’ reforms to the rules on the taxation of non-domiciled individuals will be included in Finance Bill 2012, the detail having been published on 6 December 2011. These reforms include the introduction of a higher £50,000 annual charge, a new relief to encourage business investment, and simplifications to certain aspects of the existing non-dom rules.
The government intends to proceed with the legislating of Statement of Practice 1/09, and the statutory residence test, but these measures will now be brought forward in Finance Bill 2013, to take effect from April 2013 rather than April 2012.
