Tax on Foreign Income
Foreign domiciliaries, sometimes referred to as Non-UK domiciliaries or more colloquially “non-doms”, will be burdened with having to consider a number of statutory changes.
Regular readers of our updates will notice that the position is relatively unchanged. Due to the delay in the passing of the legislation following the snap general election in June 2017, implementation of part of the finance bill was postponed. This included all of the legislation affecting non-doms, and was finally passed into law in the Finance (No 2) Bill 2017 late last year. As expected the substantial changes are coming into effect retrospectively and apply from 6 April 2017 and many people will have acted in anticipation of these changes before the legislation’s postponement.
Although this detail falls outside the scope of this planner, it is important to seek advice and clarity even if the changes are unlikely to affect you or you have already acted in anticipation of the changes. Menzies have a team who specialise in providing bespoke tax advice to foreign domiciliaries and answering offshore queries.
Tax Changes for Non-Doms
Business Investment Relief (BIR)
Menzies Private Client Team
Personal tax planning can be complex; we would always recommend that you seek professional advice when undertaking a review to ensure all changes are processed and managed effectively. Please do speak with your Menzies contact who will be delighted to meet with you to discuss ideas, opportunities and the appropriate action.