TaxAdministrationTax shock in wealth management industry

Tax shock in wealth management industry

Treasury is targeting a much bigger tax bill from wealthy non-domiciled residents than the initial £30,000 fee signalled last month

Wealth management advisors warn the scale of
Treasury’s
crack down on an elite of wealthy foreigners living in the UK could undermine
the London art market, drive much of the private equity industry abroad and
trigger the sale of property and UK shares worth billions of pounds.

UK’s wealthiest non-domiciled residents are facing billions of pounds in
capital gains tax (CGT) on UK-based assets under far-reaching legislation being
drawn up by the Treasury, sending shockwaves through the wealth management
industry, FT.com reports.

The extent of the Treasury’s ambition to target offshore trusts which enable
‘non-doms’ to escape tax on their UK investments has emerged during meetings
between senior officials and professional institutes.

Wealth advisers fear the Treasury has underestimated the impact of the
measures. The
Society of
Trust and Estate Practitioners
, which represents advisers, is calling for ‘a
considered economic assessment before radical changes are introduced and London
. . . is damaged’.

Further reading:

Profession divided on non-dom numbers

Non-dom policy is ‘squalid’
Read story in FT.com
http://www.ft.com/cms/s/0/1e70b866-9ba1-11dc-8aad-0000779fd2ac.html

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

4d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

3w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter