PKF: tax changes will hit all non-doms
Amending legislation changing the tax position of the non-residents will hit all non-doms, PKF warns
Tax experts at
PKF
Accountants & business advisers have warned the draft legislation
amending the tax position of non-domiciles, including significant measures which
were not included in the
HM Treasury
consultation announced in the last Pre-Budget Report (PBR), will hit more people
than first thought – in fact, everyone claiming to be non-domiciled will be
affected.
Peter Harrup, PKF tax partner, is concerned the focus to date has been on the
£30,000 charge for non-doms who have been resident for seven of the previous
nine years, leading others who have been less time in the UK to mistakenly
believe they have escaped for now.
‘There are measures in the draft legislation which will affect all
non-domiciled individuals, regardless of whether they have been here 60 years or
60 seconds,’ Harrup said. ‘Anyone claiming non-domicile tax status needs to
review their tax position urgently, however long they have been tax resident in
the UK.’
He said the legislation was particularly likely to hit those with investments
held in offshore trusts and companies where past income and gains going back for
many years might become taxable if brought into the UK after April 5.
Further reading:
City banks hit by non-dom chaos
