Boston Multi Family Office (BMFO), an Isle of Man-based tax advisory firm with offices in Malta and Dubai, has called on the incoming chancellor Philip Hammond to delay tax reforms governing non-UK domiciles.
Britain’s new prime minister Theresa May has appointed former foreign secretary Philip Hammond as chancellor of the exchequer with a leading expert predicting he may delay long-awaited reforms to non-UK domiciles.
Reforms announced by chancellor George Osborne earlier this month could mean that non-UK domiciles are thousands of pounds better off if they hold onto their overseas assets until after they change their status, Rachael Griffin, the financial planning expert at Old Mutual Wealth, has said.
Plans that would effectively end the UK’s non-domicile status for tax purposes have the potential to do more harm than good and could be contrary to EU law, according to the Institute of Chartered Accountants.
HM Revenue & Customs has backed out of a controversial policy to scrap concessional treatment of non-domicile loans.
The UK Government’s consultation paper on non-domicile status is “thin on the ground” when it comes to detail and, if introduced as proposed, will fail to treat some ‘non-doms’ fairly, according to tax experts.
Offshore trusts have been excluded from the UK Government’s plans to tighten its tax restrictions on non-domiciles.
The UK Treasury accidentally alerted the public to a long-awaited consultation paper on the tax treatment of non-domiciles, despite the document not yet being in the public domain.
It seems like a long time since the general election, where the focus of many of the UK’s high net worth home owners was on Labour’s promises to introduce a mansion tax and to scrap the non-dom status, says Tom Gauterin and Tom Barber, solicitors at Berkeley Law.
In the first 100% Conservative Budget in nearly two decades, chancellor George Osborne has introduced a raft of changes, including significant revisions to UK non-dom status.
The life industry has recommended offshore bonds to those facing UK tax on their foreign income, following the abolition of permanent non-dom status in yesterday’s Budget.
The UK Government will abolish permanent non-dom status in a bid to raise £1.5bn in extra tax, chancellor George Osborne announced in today’s Summer Budget.
