Almost 18 months after the original announcement at the 2015 Summer Budget, the government has today published its third and final response concerning the changes to the taxation of non-domiciled individuals, which will take effect from 6 April 2017.
The comments in today's consultation response broadly confirm the provisions that had been announced earlier; however, there are some welcome relaxations to the taxation of offshore trusts, which are more in line with those expected when the announcements were first made. There was also confirmation of new provisions to Business Investment Relief, to encourage greater take-up of the scheme.
Following today's consultation, non-domiciled individuals and trustees of offshore trusts should now be able to plan with greater certainty for the changes taking effect from 6 April 2017.
If you have any queries regarding today's announcements, please do not hesitate to contact your usual Blick Rothenberg adviser or Caroline Le Jeune at firstname.lastname@example.org