The £30,000 Annual ChargeThe pre budget report announced that the £30,000 annual charge will apply to those resident in the UK for more than seven years. It was later announced that taxpayers using the remittance basis will now not be required to make any additional disclosures about their income and gains arising abroad.Effect on Foreign and UK InvestmentsFollowing the introduction of this tax charge, the UK non domicile will now be hesitant to invest abroad as it would no longer be advantageous from a tax point of view when assessing such investments. Such individuals may now look to keep their funds in the UK and could contribute to the revival of the UK property market, where the tax treatment would be on a level playing field between UK and worldwide investments.Non Domiciles and Businesses Exiting the UKThere is much talk about non domiciles and foreign business exiting the UK after the introduction of these non domicile reforms. London became a refuge for the super rich with approximately 115,000 people having non-dom status. The majority of these people came from the US, Germany, Switzerland and France.By such individuals leaving the UK they may well qualify as non UK residents and therefore… Read full this story
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