Non-Dom Surgery launch for 2017

From April 6, 2017, many long-term UK-resident non-domiciled individuals will become UK-deemed domicile. As a consequence, they will become assessable on their worldwide income/gains and non-UK assets will fall within the scope of UK inheritance tax. Following the release of the draft Finance Bill 2017 on December 5, 2016 the Government has made it clear that an opportunity exists to retain some of the benefits currently available to non-domiciled individuals. This is a one-off opportunity which, for many, will close on April 6, 2017. However, some of the potential benefits may be restricted as a result of legislation specific to the investment management industry.

In response, Duff & Phelps has launched the Non-Dom Surgery – a service aimed at helping individuals in the financial services industry understand the implications of the new legislation and what immediate action needs to be taken.

The Non-Dom Surgery service has two basic packages:

1. High Net Worth Individual Package

Product Stages:

• Stage 1 - Individual questionnaire/interview fact find
• Stage 2 - Personal portfolio review
• Stage 3 - Consultation with non-dom specialist (1hr)

Deliverable:

• Explanation of the changes to the non-domiciled regime
• Establish domicile position post 6 April 2017
• Implications based on personal portfolio
• Outline possible options available including use of trust structures or relocation
• Recommendations with regard to next steps

2. Regulated Business Package

Product Stages:

• Stage 1 - Individual questionnaire/interview fact find
• Stage 2 - Personal portfolio review
• Stage 3 - Consultation with non-dom specialist (1hr)
• Stage 4 - Business questionnaire fact find
• Stage 5 - Consultation with UK regulatory and business tax specialist (2hr)

Deliverables:

• Explanation of the changes to the non-domiciled regime
• Establish domicile position post 6 April 2017
• Implications based on personal portfolio
• Outline possible options available including use of trust structures or relocation
• Recommendations with regard to next steps
• Impact assessment on the regulated business from a UK regulatory and business tax perspective
• Consider long term options and opportunities available to the business

In delivering this service, Duff & Phelps will be partnering with a specialist advisor who have a dedicated practice set up to support non-domiciled individuals in the UK, combining our regulatory and tax expertise to provide a tailored service for non-domiciled individuals working in the financial services industry.