TaxAdministrationAccountants urge non-doms to splash out

Accountants urge non-doms to splash out

Accountants are urging their non-dom clients to splash out now to avoid hefty taxes after April 5

Accountants are encouraging their wealthy non-domiciled clients in Britain to
splash out on new cars, yachts, rare books, private jets and furniture to avoid
paying 40% on items valued at more than £1000 purchased with foreign income
after April 5.

‘The new rule going forward is the new asset will be taxable on what it cost
you if it is not in the country by midnight on April 5,’ Patrick Stevens,
Ernst
& Young
partner, told the Financial Times.

The small print of the
2008
Budget
says ‘any asset purchased out of untaxed relevant foreign income
which an individual owned on the 11th of March 2008 will be exempt from a charge
under the remittance basis, for so long as that individual owns it, even if that
asset is currently outside the UK and later imported’.

But accountants revealed the downturn in the markets had dampened the
interest in spending money – their clients were more concerned about getting
their overall affairs in order before April 5 than increasing their luxury
items.

Further reading:

Time for bravery, not caution

Budget letter attempts to lift non-dom blues

Read
story in the Financial Times

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