28.04.2017 Non-dom changes shelved

28.04.2017 Non-dom changes shelved

The Finance Bill 2017 omitted the legislation on the non-dom rules changes. These changes were put on hold until after the UK general election. The Treasury minister has stated that the government will legislate for these provisions at the earliest opportunity in the next Parliament. It is unlikely that the non-dom rules will be dropped completely, however it is difficult to predict whether they will be changed. It is possible that the rules will be back-dated to 6 April 2017.  If you have already changed your asset planning, you can proceed on the basis that the rules will take effect from 6 April 2017.  However, if you are a long term non-dom who is expecting to be taxed on a worldwide basis, you should not remit foreign income/gains from the current tax year yet.  Similarly you should postpone your decision about the sale of assets which would have benefitted from rebasing in April 2017.  For more information please contact Tatiana Svetlova on tsvetlova@svetlovallp.com.

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