Wealth managers win non-dom climbdown

Wealth managers are celebrating a climbdown from the government on moves to
tax the fees from non-doms.

Accountancy Age revealed the threat to the industry last week. The Budget’s
residence and domicile moves meant that payments to wealth managers, tax
advisers and others fpr management of offshore funds would have been treated as
a ‘remittance’ under the rules, and thus taxed.

After crisis meeting with the CBI, the
British
Bankers’ Association and the London Investment Banking Association, the
Treasury sent a letter to the BBA, saying the government would be ‘looking
urgently’ at making necessary amendments to the finance bill.

‘It was certainly not our intention that the legislation should have the
effect you have described…the government is looking urgently at this issue
with a view to addressing it through necessary amendments to the finance bill,’
Jane Kennedy, financial secretary to the Treasury, wrote.

Further reading

Fund
managers to lose out on non-dom fees

Wealth
managers in crisis talks over non-dom fees