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Thousands of Non Doms to be hit by new Tax rules


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It would appear that new tax rules will apply to Non Doms from April 2017.

 

There is some information in the link below - but mostly all I could find was being reported by the FT - which doesn't like being linked.

 

https://www.thebestof.co.uk/local/shrewsbury/community-hub/blog/view/shrewsbury-financial-adviser-warns-of-non-dom-danger

 

Reforms due this April will fundamentally alter how the government taxes those who are resident in the UK but not UK-domiciled.

 

It has been two years coming, but in April George Osborne’s new tax rules for non-domiciled UK residents will finally come into force – and some individuals could be hit hard by the new parameters.

 

Foreign expats who live and work in the UK, but are not UK-domiciled, currently benefit from significant tax advantages. The new rules, however, mean that is about to change. Since it is a complicated area, and given the imminence of the reforms, if you could be affected, now might be a good moment to review your situation and prepare your finances accordingly.

 

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I should imagine that most people affected have already employed tax/Legal experts, in order to make changes required. They will have set up companies to manage assets, money in wifes name etc etc.

 

I don't think a Tory government would introduce new tax rules that actually put off wealthy foreigners living in the UK. All governments seem to leave convenient loopholes in place, which HMRC don't do anything about, because they are not an illegal way of avoiding tax.

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It always irritates me that there are enclaves of so-called non doms living in very wealthy areas of London - Russian oligarchs for example in the Kensington area - who appear to pay little or no tax - probably less than their cleaning staff. If they want to live here then they can pay taxes on their unearned incomes and pay something for the advantage of living under UK protection.

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Sad to say but they are a significant part of the UK economy.

 

They spend in the department stores, restaurants, opera houses etc.

 

The government seem to prefer this kind of economy than one that works for all parts of the UK.

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