New non-domiciles opportunity for mixed funds

The UK government’s delayed changes to the Finance Bill 2017-19 regarding the rules around non-dom’s, have now become law. This means that non-UK domiciled individuals in the UK, particularly US citizens, could save tax up to the rate of 45% on a remittance from a mixed fund, if managed correctly.
Reviewing accounts and segregating capital can significantly reduce the tax bill, and allows non-dom’s to bring the capital portion of their mixed fund to the UK, without incurring tax charges. However, this can be difficult to achieve and will require a ‘construction’ exercise going back earlier years to take full advantage of the changes.
Buzzacott’s team of mixed fund specialists can review accounts and assess the potential to identify clean capital in an overseas account and whether it is advisable to cleanse a mixed fund, which can reduce these tax payments to 0%. We are one of the few firms in the UK able to complete this complex task and could potentially save you considerable sums.
If you would like our team to discuss with you the changes seen in the Finance Bill 2017-19 and how we can help, please do not hesitate to get in touch and we’d be glad to assist you.

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