THE government will consult on how to change business investment relief rules to encourage greater use of the relief to increase investment in UK business.
In policy documents accompanying today’s Autumn Statement, the government outlined plans to review the rules governing business investment reliefs, which allows non-doms to invest their money into UK businesses.
Steve Wheeler, tax partner at Moore Stephens, welcomed the consultation. “This is a relief for tax resident non UK domiciled individuals whereby they can remit overseas income and gains tax free for use in their qualifying business such as UK property development or investment via a company.
“At the moment there are a number of pitfalls that the unwary could fall into and advice should clearly be taken.”