Abolition of Non-Domicile Tax Status
The remittance basis of taxation for non-UK domiciled individuals is being abolished and replaced with a residence-based regime. Individuals opting into the regime will not pay UK tax on foreign income and gains for the first four years of tax residence, provided they have been non-tax-resident for the previous ten years.
This measure also introduces a residence-based system for Inheritance Tax. Capital Gains Tax rebasing to 5 April 2017 will be available, subject to certain conditions, to current and past remittance basis users on the disposal of personal assets.
If you are affected by these changes, please get in touch with your usual contact at M+A Partners.