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Non-domiciled persons IHT changes

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The government intends to legislate in Finance Bill 2016 to bring forward the point at which individuals are treated as deemed domiciled in the UK for IHT purposes to include where they have been resident in the UK for more than 15 out of the past 20 tax years, with effect from April 2017. A detailed consultation document will be published after the summer recess. For HMRC’s technical briefing, see www.bit.ly/1LbF1lO.

On broader changes to the taxation of non-domiciles, the government intends to legislate in Finance Bill 2017, with effect from April 2017, to ensure that IHT is payable on all UK residential property owned by non-domiciles, regardless of their residence status for tax purposes, including property held indirectly through an offshore structure. A full consultation will follow later this year. See www.bit.ly/1HqApnd.

Issue: 1271
Categories: News , IHT , International taxes
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