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Reviewing the latest consultation paper on domicile reform
KEY POINTS
- Remittance basis charge to be increased for some non-doms.
- Rules for remittance basis to be improved.
- New relief for sales of art and chattels.
- Qualifying for business investment relief.
- Interaction of mixed funds with the new relief.
In June 2011 HMRC and HM Treasury published a consultation paper called The Reform of the Taxation of Non-Domiciled Individuals. The consultation period closes on 9 September 2011 and the aim is to introduce changes with effect from 6 April 2012.
The paper is a mixture of carrot and stick. As announced in the Budget 2011 the government aims to strike a balance between increasing the tax contribution made by non-domiciliaries and encouraging them to invest in the UK. There are four main proposals:
- an...
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