The Government published further information about its proposed reforms to the taxation on non-UK domiciliaries on 19 August which are expected to take effect from 6 April 2017.
The changes will have an impact on the income tax, CGT and IHT liability of non-doms which will from 6 April 2017 include you if you were born in the UK with a UK domicile of origin or if you have been resident in the UK for 15 out of the last 20 years.
The reforms will also affect offshore trusts.
A key impact of the reforms will be on offshore structures which hold UK residential property. These structures currently provide relief from IHT but that will no longer be the case from April 2017.
If you are likely to be affected by these reforms you should consider an urgent review of your financial position so that you can implement any changes needed to your financial arrangements in advance of April 2017. We maintain an information sheet on the current status of the proposed reforms for non-doms who hold UK property and please contact Penny Wotton if you would like a copy of this paper or advice generally on the possible impact of these reforms for you.