Non-dom reforms revived

Non-domicile reforms dropped from the 2017 Finance Bill have been re-introduced but taxpayers will have less time to sort out their affairs says accountancy firm Blick Rothenberg.

From 6 April 2017 non-domiciled individuals who have been resident in the UK for 15 of the previous 20 tax years at 5 April 2017 will be ‘deemed domiciled’ for all personal taxation purposes.

Individuals born in the UK with a UK domicile of origin but who established a non-UK domicile of choice will not be able to benefit from the non-domicile taxation regime if they are UK resident.

Further new rules will protect the taxation of offshore trusts established by non-domiciled individuals and overseas structures that own UK residential property will come within the scope of inheritance tax.

In addition the 5 April 2017 rebasing and the opportunity to ‘cleanse’ mixed accounts will take effect.As...