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PHILLIP DEARDEN reviews the potential impact of the Pre-Budget Report announcements
KEY POINTS
- Tax advantages to non-domiciled UK residents under the existing regime.
- Introduction of a £30 000 annual tax charge.
- Changes to the remittance basis.
- HMRC will now count days of arrival in and departure from the UK as days in the UK.
Before the Pre-Budget Report there had been much speculation that the tax treatment of non-domicilaries might be under scrutiny. It is certainly true to say that non-domicilaries currently benefit from very advantageous treatment under UK tax law. Non-domicilaries and their advisers would say that the reduced tax revenue is a price worth paying as such individuals bring a lot of economic activity to the UK and they might be turned away by a harsher regime.
Treatment to date
Press comment has generally focused upon the fact...
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