Consultation published on residence and domicile | AccountingWEB

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.


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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.