Taxing the UK’s wealthy: A timeline of a changing landscape
4 Aug 15
Law firm Edwin Coe maps out the upcoming changes to the taxation of high net worth individuals in the UK, as announced in the last two Budgets.
-Non-doms resident in the UK for 15 of the last 20 tax years are now deemed-domiciled for income tax, capital gains tax and inheritance tax, with no access to the remittance basis
-Non-doms will now have to break UK residence for five complete tax years to lose deemed-domicile
-UK residential property held within offshore structures now subject to UK inheritance tax
-Possible removal of certain old ‘estate duty treaty’ reliefs relating to deemed-domicile which may affect clients with Indian, Pakistani, French or Italian domicile
-Possible changes to UK domicile of origin rules
-Restriction on landlord’s tax relief on mortgage interest to the basic rate of income tax, phased in over four years
Tags: Budget | HMRC | UK Adviser
