Expert views on Budget 2016
By International Adviser, 17 Mar 16
Members of International Adviser’s Tax & Technical Panel give their views and insights on chancellor George Osborne’s latest budget announcement.
“The budget reconfirmed some key changes coming in from 6 April 2017, including the non-domicile time period reducing from 17 to 15 of the past 20 tax years and the ability for non-domiciled individuals to protect assets from UK tax by setting up an excluded property trust before they become deemed UK domiciled.
“In addition to this, the chancellor has announced some new changes, which will mean assets held by non-domiciles outside the UK will be rebased as at the 6 April 2017 when the individual becomes UK domicile.
“This means any growth on the asset prior to them becoming deemed UK domicile is protected up to 6 April 2017. The benefits of rebasing may not outweigh the benefits of putting the asset into a trust (due to IHT benefits) but can be advantageous for assets which can’t be placed in a trust, such as residential property, e.g. a second home.”
Tags: Budget | CGT | Tax Avoidance | UK Adviser
