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23 October 2012
Aim to make rules simpler to use
Draft legislation to replace statement of practice 1/09 has been published for comment, together with a summary of the responses to the document Reform of the Taxation of Non-Domiciled Individuals: a Consultation.
Rather than changing the existing rules, the government intends to make them simpler to use. The new measures will apply where an individual meets certain conditions:
- he can claim overseas workday relief;
- he has earnings from one or more employments;
- he nominates an account for which the special mixed fund rules will apply; and
- only certain types of income and gains are paid into the account from that point.
In such cases, the special mixed fund rules will allow an individual to aggregate transfers from the account on an annual basis (or part year, if the account is not a qualifying account for the whole of the relevant year).
Comments should be made no later than 7 December.
