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Private client briefing for September 2016

Speed read

Three key consultations have been published affecting private clients, namely the consultations on non-doms, partnerships and UK taxpayers with offshore interests. The non-dom consultation confirms that the tax changes will go ahead in April 2017 and contains some limited concessions. The partnership consultation aims to remove uncertainty in calculating and reporting profits. There are proposed penalties for ‘tax evaders’ who do not pay tax on offshore accounts. HMRC reassures landlords over a ‘last minute stealth tax’ on buy to lets. Examples in the SRT guidance have been updated. Finally, HMRC consults on fining advisers for failed tax avoidance schemes.

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