HM Treasury has now commenced its formal consultation on changes to the non-dom tax regime announced by the Chancellor on 8 July 2015. Because of time constraints imposed by the government’s legislative timetable, instead of the usual twelve weeks of consultation there will be a truncated period of only six weeks. The closing date for responses is 11 November 2015.
Fortunately, HM Treasury was active behind the scenes in the months following the Chancellor’s original announcement. During the summer, discussions were held with various interested parties on the practicalities and mechanics of dealing with such a major change. Some of the helpful material now contained in the consultation document is the result of ‘pre-consultation’ those discussions with interested parties.
To date, there has been little comment on how these changes will affect US individuals living in the UK.
For Frank Hirth’s take on this important change, click here.
This article has been written for the general interest of our clients and to stimulate further thought and enquiry. It does not contain answers to specific situations and it is therefore essential to treat it as a prompt to take specific advice on any real and particular issues. We believe that the facts as summarised in this article are correct as at the time of going to press. If we discover that the article might be read in a way that conveys a misleading impression (whether by tone, content, error or omission) we will make the necessary changes and draw attention to what has been changed once we become aware of the need to do so. We will not be responsible for any action taken by a reader who relies on the article but does not seek further advice to answer any specific query.