Expert Legal Insights / Articles tagged "non-doms"

In his Summer Budget, the UK Chancellor announced major changes to the taxation of UK resident, non-UK domiciled individuals (‘non-doms’) which will have a significant impact on non-doms who have been UK tax resident for more than 15 years (and those approaching 15 years) and non-doms who own UK residential property, however it is held. […]

The 2015 Budget included the following measures of particular interest to private clients:
– deeds of variation – a review of their use will be launched in the Autumn
– disclosure facilities – the UK’s existing disclosure facilities will close early
– restrictions to Entrepreneurs’ Relief

In addition the Budget documents confirm which measures (including those which were announced at the time of the Autumn Statement or earlier) will be introduced before the election and which measures will be held over until the next Parliament.

Changes have been recommended to the Tier 1 (Investor) visa, including:
– increasing the minimum £1 million investment threshold to £2 million;
– removing the ability to borrow the funds that the applicant is required to invest in the UK; and
– introducing a premium route which would offer a successful applicant indefinite leave to remain in the UK after 2 years.

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