Backdating tax rules for non-doms to 6 April 2017

The UK Government has confirmed that a new Finance Bill will be introduced as soon as possible after the summer recess. This will legislate for all policies that were included in the pre-election Finance Bill. All policies originally announced to start from April 2017 will be effective from that date.
This would suggest that the non-dom changes as proposed will take effect from 6 April 2017. You will be affected by these tax changes if you are a non-dom who has been resident in the UK for more than 15 out of the past 20 years.

Furthermore, if you are a non-dom who has benefited from the remittance basis of taxation historically and has a non-UK mixed fund (a mixture of income, capital gains and tax-free capital), you could benefit from the cleansing of mixed fund rules over the next 20 months. Please see our previous insight here.

We would expect the new Finance Act to be voted through around September/October after the summer recess. For our American non-dom clients, it is best to implement planning before 31 December 2017 as claiming foreign tax credits in 2017 is normally part of the planning. 

If you are a Buzzacott client, we will be in contact with you in due course to discuss any tax planning opportunities. If you are not but have some questions on what the implications are for you, please contact us.
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