The Chancellor of the Exchequer, George Osborne unveiled his summer budget on the 8th July 2015. Unsurprisingly, non-domiciles were targeted again by the introduction of new rules that will effectively bring permanent non-domicile status to an end for certain individuals and prevent non-domiciles from holding UK residential property in an offshore structure, which is currently outside the scope of inheritance tax (IHT). Interestingly, there will also be a major overhaul in dividend taxation which could see many taxpayers in receipt of dividend income facing higher tax bills.
Please see HMRC Website to download the 2015 Budget documents and our summary below of the key announcements made.
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