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...