The tax landscape for individuals who are resident but not domiciled in the UK (non doms) will undergo a significant change from 6 April 2017.
The second consultation document providing more detail about the proposals was finally published on 19 August 2016 although we can expect further changes before the new rules are certain.
The changes will principally affect non doms who have been resident in the UK for a number of years but will also impact on any offshore trust structures which such individuals have established. Some UK resident non doms will see a significant increase in their UK tax exposure.
We have prepared a Briefing Note highlighting some key points in relation to these proposals and identifying some areas for immediate action. The Briefing Note can be downloaded here.
Every situation will have its own particular issues to consider and bespoke advice will be required on how best to navigate these new rules.