Consultant Christopher Salomons has contributed an article to Lexunion Newsletter analysing how two key changes set out in the Autumn Budget will affect international advisers.
He highlights the abolition of the non-dom regime and introduction of a new system which can mean that a person’s foreign income and gains will be exempt from UK tax for a period of four years. He also notes changes to inheritance tax, specifically the introduction of a new residence-based system, that will mean an individual will be within the scope of IHT on non-UK assets if they have been resident in the UK for ten or more years out of the previous 20 tax years.
This means that the concept of ‘domicile’ will completely disappear for UK tax purposes, so there are likely to be fewer references to ‘non-doms’. However, the concept will still be relevant for succession purposes, and will remain the principal connecting factor in matters of UK Private International Law.
The Lexunion Newsletter is a quarterly newsletter on legal and tax developments in member countries of the Lexunion network. The full article is available to read online on Lexunion.
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