TaxPersonal TaxTreasury climbdown on non-dom tax

Treasury climbdown on non-dom tax

Treasury says non-doms can 'rebase' the value of their assets, in a significant climbdown

Non-doms are to be allowed to rebase the value of their British and overseas
assets, avoiding retrospective tax bills.

The government is currently consulting on changes to the taxation of
non-domiciles, with plans to tighten up the remittance rules that prevent
non-doms brining income earned offshore back into the UK tax-free.

Officials are understood to have told advisers late last week that gains on
existing assets should be exempt from the crackdown, with non-doms allowed to
rebase their value,
The
Telegraph reported
.

The move is likely to be welcomed by critics of the non-dom rules, but may
irritate British entrepreneurs, who were denied a similar concession on the
capital gains tax changes, also introduced recently.

Further Reading:

Read
The Telegraph story

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