Non domiciles


I

info

Yesterday the chancellor announced that non-domiciles residing in the
UK will now be charged £30,000 pa to reside in the UK as from next
April if they reside here for more than 7 years. Only non-doms
receiving less than £1,000 pa will be exempt from this charge. Does
anyone know if there are any other exemptions that apply? Does the 7
year period apply to non-doms who have already been living here for 7
years?
 
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P

PeterSaxton

Yesterday the chancellor announced that non-domiciles residing in the
UK will now be charged £30,000 pa to reside in the UK as from next
April if they reside here for more than 7 years. Only non-doms
receiving less than £1,000 pa will be exempt from this charge. Does
anyone know if there are any other exemptions that apply? Does the 7
year period apply to non-doms who have already been living here for 7
years?
After a non-domiciled individual has been resident in the UK for seven
years they will only be able to use the remittance basis of taxation
if they pay an additional tax charge of £30,000 a year. Where an
individual then decides not to use the remittance basis (and not pay
the additional tax charge) they will be taxed on all their worldwide
income and gains whether or not they are remitted to the UK.

The new rules will come into force on and after 6 April 2008 and all
previous years of residence will count from that day. So, for example,
an individual not domiciled within the UK who has been resident in the
UK for five years in April 2008 will only be able to claim the
remittance basis of taxation for two more years before they have to
pay either the £30,000 annual tax charge or account for tax under the
arising basis.
 

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