Over the last few years, the tide has been firmly against non-doms. The 2015 Summer Budget was no exception.
One relief introduced under the previous Coalition Government stood firmly against that tide – and that relief is BIR. In a nutshell, the BIR rules allow taxpayers on the remittance basis to bring their offshore income and gains to the UK free of tax. The remittance must be in respect of a qualifying UK investments. Click here for our guide to BIR.
It was announced yesterday, that the government will consult on how to change ) to encourage greater use of the relief to increase investment in UK businesses.
We eagerly await the consultation and the results which are generated from it. Watch this space.