Consultation published on residence and domicile

The Government has published a consultation document “Paying a fairer share: a consultation on residence and domicile” which details the changes proposed in October's Pre-Budget Report.

The proposals are as follows:

  • UK residents who are non-domiciled and have been taxed on their foreign income on the remittance basis will have to pay an annual charge of £30,000 to stay within the remittance basis if they have been UK resident for seven out of ten years.

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.

Comments
barryhallam's picture

.....but there's more...

barryhallam | | Permalink

....the document also raises the possibility of:

-- A £50,000 a year levy once you have been resident for 10 out of 12 years - That £100k a year for a couple if both Non Dom.

-- Deemed domicile for IT and CGT after 17 years (like IHT) - there must be many non doms who have alreday been here for 17 years and may find themselves on a world wide arising basis in 4 months time. Will they be leaving before April?

-- in addition to personal allowances the CGT annual exemption will be lost.

In a separate twist a bill has been tabled to bar those who elect for the remittance basis from sitting as an MP or in the House of Lords!

Thanks Barry

Anonymous | | Permalink

Nicely summarised!

The Bill is a private members one, so it will be interesting to see how far it got.