Thousands of foreign employees who are ‘not ordinarily resident’ face
‘intrusive, costly, and sometimes quite pointless’ new rules over their foreign
Around 30,000 foreign employees who enjoy the status will suffer new
compliance demands if they bring money into the country. They may not have to
pay more tax, but will have to conduct details analyses of their overseas
accounts if they transfer money to the UK, the FT reported.
The changes mean calculating their ‘remittances’ to the UK much more
frequently and in more detail.
Andrew Hodge, head of employer and personal taxes at Deloitte said: ‘How can
anyone believe that such a complex regime is suitable to individuals other than
the very wealthy.’
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