The crackdown on non-domiciled taxpayers could kill off art donations from
wealthy individuals and deter foreign collectors from lending works to local
The Victoria & Albert Museum, Tate and Courtauld Institute of Art have
all expressed concerns about the impacts of the rules, the FT reports,
as fears grow that the wealthy foreigners will leave the UK.
Under the new rules, non-doms bringing art into the UK from April will face a
tax charge. This has prompted business figures to push the Treasury to create an
exemption for art and heritage items that will benefit the public.
‘A significant number of our most generous donors and enthusiastic supporters
are believed to be non-doms. We are particularly worried about the current
interpretation of the proposed rules on remittances, which may discourage
non-doms from bringing art into the UK,’ said Tate Trustees chairman Paul
The new non-dom rules will require non-doms to pay a £30,000 levy in order
keep the foreign free from UK tax.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals