Reforms to the taxation of non-domiciles
On 30 September 2015, the much anticipated consultation into the reforms to the taxation of non-domiciled individuals was released. As announced in the Summer Budget, the consultation sets out the detail of the proposals that will restrict certain individuals from being able to claim non-domiciled status for tax purposes and seeks views on the best way to legislate the announcements.
The consultation document includes draft legislation to illustrate how the new rules would work in the context of one aspect of the remittance basis for income tax and capital gains tax. Draft legislation is also attached on the deeming provision for inheritance tax.
Non-domiciled individuals should review their current assets and investment structures, seek advice as to how and when the proposed changes could impact them, and what action they should take where necessary.