Non-Doms - Consultative Document Published
Having indicated that the promised consultative document on Residence and Domicile would not be issued until the New Year it was surprising to see it appear on the Treasury website this morning.
In many ways it doesn’t take us much further forward as there are still many proposals and no draft legislation. The highlights are:
- Non-doms who are resident for 7 out 10 years will have to pay a £30,000 levy each year to retain the remittance basis and they will lose personal allowances and capital gains annual exemptions.
- Those who are resident for 10 out of 12 years will have an increased levy of £50,000 a year.
- Those who are resident for 17 out of 20 years will be deemed UK domicile and lose the possibility of the remittance basis altogether.
This last proposal will have a significant impact on many long term UK resident Non-doms. It should be noted that this is Government thinking at present not fixed proposals.
Watch this space for further news.
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