TAG Tax

It was Theresa May's first Autumn Statement as Prime Minister, Phillip Hammond's first as Chancellor of the Exchequer and the UK's first since the referendum confirming that the UK will be leaving the EU. However, there wasn't much in terms of "firsts" for the content of the Autumn Statement itself, with many measures being known about already. It doesn't seem as though Mr Hammond consulted our wish list of what we wanted to see for our private clients.

So what did we learn and what are the things that individuals need to be aware of?

Non-Domicile Tax Changes
The proposed taxation changes for non-domiciled individuals will still be happening in April 2017 although we await details in the draft legislation. It was confirmed that non-doms will be deemed domiciled for all UK tax purposes if they have been resident in the UK for 15 out of the past 20 years or were born in the UK with a UK domicile of origin. Furthermore, Inheritance Tax will now be charged on UK residential property owned directly or indirectly (through a company or trust) by a non-dom.

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