Andrew Goldstone and Natalie Quail (Mishcon de Reya) review the latest tax developments that matter affecting private clients.
Finance Bill 2017: all non-dom tax changes put on hold
In an unexpected move on 25 April 2017 the government announced that many proposed changes will be dropped from the Finance Act 2017 as there would be insufficient time for proper parliamentary scrutiny of them prior to the general election. It is now clear that the changes which were dropped include all of the reforms to the taxation of foreign domiciliaries including the new deemed domicile rules and the inheritance tax provisions regarding indirect interests in UK residential property.
Many foreign domiciliaries undertook extensive planning before 6 April in anticipation of the new rules including restructuring existing trusts and UK residential property holding structures. The government has indicated that it will if re-elected reintroduce the legislation....
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Andrew Goldstone and Natalie Quail (Mishcon de Reya) review the latest tax developments that matter affecting private clients.
Finance Bill 2017: all non-dom tax changes put on hold
In an unexpected move on 25 April 2017 the government announced that many proposed changes will be dropped from the Finance Act 2017 as there would be insufficient time for proper parliamentary scrutiny of them prior to the general election. It is now clear that the changes which were dropped include all of the reforms to the taxation of foreign domiciliaries including the new deemed domicile rules and the inheritance tax provisions regarding indirect interests in UK residential property.
Many foreign domiciliaries undertook extensive planning before 6 April in anticipation of the new rules including restructuring existing trusts and UK residential property holding structures. The government has indicated that it will if re-elected reintroduce the legislation....
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:
