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10 December 2007
But no relevant legislation - which is promised 'soon'.
After nearly ten years of 'we are looking into it' the Treasury has produced a consultative document on residence and domicile although it has not yet produced the relevant legislation which is promised 'soon'.
This follows on from the announcements in the 2007 Pre-Budget Report that non-domiciles who have been resident in the UK for seven out of ten years will:
- have to pay a £30 000 charge to use the remittance basis of tax unless their non-remitted income is less than £1 000;
- no longer be entitled to the UK personal allowances if they stay in the remittance basis;
- not be able to avoid paying tax on foreign income and gains using the remittance basis.
The Chancellor also said that days of arrival and departure would now count as days in the UK for tax purposes.
The consultation...
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