Budget 2008: The wealth manager’s point of view

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Louise Somerset, RBCs wealth management tax director, assesses how the chancellors budget affects the wealth managers business.

Taxation of non-UK domiciliaries (non-doms) individuals

The much publicised 30,000 annual charge payable by non-doms who have been resident in the UK for seven of the last 10 tax years, will come into effect from 6 April 2008. This will apply to those aged 18 and above who have offshore income and gains over 2,000 (increased from 1,000).

However, this will now be a charge on specific unremitted income and gains and not a stand alone charge. This will be good news for US citizens, who will be able to claim credit against their...

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