Non doms verily will sigh… Non-dom tax changes Autumn Statement 2016
The Autumn Statement confirmed that the Government will plough on with the non-dom tax changes. It therefore looks as though non-doms will be spending a chunk of their Christmas holidays mulling over their affairs and with a view to restructuring them ahead of the implementation of the new rules. Certainly a bleak midwinter.
The silver lining is that there appear to be no new measures announced in the Autumn Statement
That said, the materials released yesterday do state that non doms who have settled foreign trusts before becoming deemed UK domicile will not be taxed on foreign income and gains arising in the trust. However, this is at odds with previous announcements that suggest that a trust will lose any protected status if additions are made into the trust or (at least for capital gains purposes) if distributions are made from the trust. This mayy just be a case of sloppy language.
We have already put together a number of articles considering the impact of the non-dom tax changes which can be found as follows:
The full legislation will be unleashed on 5 December 2016.
We will be analysing the rules in full in our seminar on Wednesday 7 December in Manchester. Please email Clare@etctax.co.uk for further details.
If you or your client have any queries regarding the non-dom tax changes then please get in touch.