This year’s second Finance Bill was published last Friday (8 September). As expected, following the announcement in July, the long awaited changes to the taxation of non-domiciliaries (first announced in July 2015) will take effect from 6 April 2017.
No significant changes have been made to the draft legislation, the main effects of which we have summarised elsewhere.
This second Finance Bill is likely to become law in late October or early November this year.
Additional proposed non-dom tax changes, which will further erode the tax effectiveness of non-UK trusts, and which were deliberately postponed until 2018 (rather than delayed because of the General Election) are to be included in next year’s Finance Bill, and it is intended that they should take effect from 6 April 2018. The draft clauses relating to these changes are due to be published this week, whereupon we will provide a further update.
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