Budget update – sunset for the non-doms?
Partner Paul Davidoff discusses the upcoming revolutionary changes to the taxation of non-doms, as announced by the Chancellor at the Spring Budget last week.
Partner Paul Davidoff discusses the upcoming revolutionary changes to the taxation of non-doms, as announced by the Chancellor at the Spring Budget last week.
The Tories have this week added their voice to the chorus of those indicating a move away from “non-dom” status. A “non-dom” or “non-UK domiciled individual” is someone whose permanent home is outside the UK, typically someone born abroad to parents who were not British, although this is not always the case. The main complaint raised about “non-doms” who live in the UK is that they do not have to pay UK income tax (IT) or capital gains tax (CGT) on the income and capital gains that they make outside the UK – at least until they bring (or “remit”) those income and gains to the UK – this is called the “remittance basis” of taxation.
Nina Gurney, Director of Family Office at New Quadrant, considers recent changes to French occupancy tax (taxe d’habitation).
Trust Registration Service (TRS)
New Quadrant partner Paul Davidoff explores the complex tax treatment of digital assets such as cryptocurrency.
New Quadrant partner Paul Davidoff explores the vagaries of “Annual tax on enveloped dwellings” (ATED), the complexities of compliance and the potential penalties of late filing.
New Quadrant partner Paul Davidoff reports back on HMRC’s “Family Investment Company” (FIC) team’s research into FIC usage by wealthy families.
NQP partner Robert Smeath reports back on the STEP Journal roundtable, sponsored by St. James’s Place Private Clients, which discussed the importance of cross-disciplinary financial advice at a time when lawyers and accountants are taking on increasingly complex wealth management for clients:
From 6 April 2019, a single capital gains tax regime will apply to all UK land owned by non-UK residents.
If you are a UK person who is thinking of leaving the UK you have many things to consider