Non Domicile to UK Domicile Backdated Rules.
Back Dated Non Dom
Last week we covered some of the provisions of the original Finance Bill 2017 (the March Budget to you and us) that were taken out after the surprise June election result are being reinstated as part of a new Finance Bill (No 2) 2017 to be passed after the Houses of Parliaments summer recess.
It has also been confirmed that provisions relating to UK resident, non UK Domiciles that were left out of the ‘watered down’ Finance Bill will also be reinstated and back dated to April 2017.
A Reminder: DOMICILE AND RESIDENCE – rules to be backdated to 6 April 2017
Non-UK domiciled individuals (“non-doms”) will be deemed UK domiciled for all tax purposes after they have been UK resident for 15 of the past 20 tax years;
Individuals who were born in the UK and who have a UK domicile of origin will revert to their UK domiciled status for tax purposes if they are resident in the UK in the future (subject to a two-year grace period); and
UK residential property indirectly held by a non-domiciled individual through an offshore structure will cease to be excluded property from 6 April 2017.