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Meeting points

19 October 2016
Issue: 4572 / Categories: Comment & Analysis

Gabelle Breakfast Tax Briefing

Non-domiciled individuals

Kevin Offer discussed the changes in the taxation of non-domiciled individuals to come into effect in April 2017 with reference to the consultation document issued by HMRC on 19 August.
On the proposals for the rebasing of assets and segregation of mixed funds Kevin noted that only allowing a rebasing for individuals who become deemed domiciled in the UK on 6 April 2017 would create special treatment for that group. The timing of disposals in the current and next tax years should be considered because there may be a benefit in realising gains by 5 April 2017 and claiming the remittance basis or delaying a disposal and potentially paying a lower tax charge after rebasing. The source of funds used to acquire any asset should also be considered because rebasing will not prevent a...

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