Non-UK domiciled individuals will no doubt wish to look at the draft clauses which were published by HMRC on 2ndFebruary 2016 which will deem long term UK residents to be UK domiciled for the purposes of income and capital gains tax.
These deeming provisions are intended to apply to anyone born in the UK with a UK domicile of origin and also to a non-UK domicile who has been resident in the UK for at least 15 out of the previous 20 tax years. The draft legislation will also restrict access to the remittance basis for these individuals.
Comments are invited on the draft legislation until 2nd March 2016. The proposed changes will take effect on 6th April 2017.
At Stone Rowe Brewer we are always happy to assist if our clients require additional information, if you would like to make an appointment to discuss your own situation, please call Stone Rowe Brewer on 020 8891 6141 and ask to speak to one of our Private Client Team.