NON-DOMICILED INDIVIDUALS could be hit with a substantial tax increase as the chancellor announced proposals to increase the charge for people who have been UK-resident for 12 out of the last 14 years from £50,000 to £60,000.
A new band will also be introduced for people who have been resident for 17 of the last 20 years.
Of even greater concern is a further proposal to make remittance elections apply for as long as three years, rather than the current one.
A remittance includes income realised abroad and brought into the UK, while it can also come in the form of assets.
“This will severely affect non-domiciled individuals who opt out of a remittance basis on a regular basis,” BKL tax partner Geraint Jones told Accountancy Age.
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