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“Non-dom”Changes There have been many changes to the tax regime for UK resident, non-domiciled individuals in recent years. From 6 April 2017, the biggest change of all will take place.  The concept of deemed domicile which we are familiar with for Inheritance Tax (IHT) purposes is being extended to income tax and capital gains tax.  The new rules apply to individuals who have been UK resident for 15 out of the last 20 tax years.  They will become deemed domiciled under the new rules from 6 April in the year after the test is satisfied. This means that for IHT purposes all of their worldwide assets will come into the UK tax net on death after 15 years (it was previously 17 years) and therefore planning for IHT will be needed earlier than previously.  However, the bigger change is that from 6 April 2017, these individuals will no longer be able to claim the remittance basis for income tax and capital gains tax purposes. For some individuals this is a massive change and they will need to alter the way they have been preparing UK tax returns as they will now be taxable to worldwide income and gains. It is therefore important that non-domiciled clients start planning for the post 5 April 2017 era. Non-resident CGT For many years, a basic principle of the UK tax system was that non-UK residents did not pay CGT on the sale of assets, even if they were UK situs assets that were sold. However, in April 2015 this changed.  We now have two systems in place.  For most assets (such as shares or commercial property) there is no UK CGT payable when someone resident outside the UK makes a gain. However, there is now a charge to CGT when a non-resident sells UK residential property.  The rules can be complicated and there is an uplift in the market value of the asset to 5 April 2015 available.  However, there is also a filing deadline of 30 days from the conveyance of the property in which to put the relevant paperwork to HM Revenue & Customs.  There are penalties for missing this deadline. It is therefore important to take advice in the UK if you are a non-resident selling a UK residential property to prevent unexpected tax charges arising at a later date, together with the associated interest and penalties.

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We are a team of tax advisers and accountants. Our role is to provide well thought through tax consultations and tax advice where applicable to you. We also provide a wide range of accounting and financial advice services.

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