Spring Budget 2017: Full steam ahead with the non-dom changes

Full steam ahead with the non-dom changes

KPMG's Jo Bateson comments on the Spring Budget.

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Commenting on detail revealed in Wednesday’s Budget Jo Bateson, Private Client Partner at KPMG in the UK, said: 

“Any hope that the proposed changes to the taxation of UK resident non-UK domiciled (“non-dom”) individuals would be postponed has faded with today’s Budget.

“Announcements published today say that it is full steam ahead for the proposed non-dom changes with a few minor changes, such as extending the periods to which the bank account cleansing provisions apply. 

“Non-doms may be disappointed that the proposed changes which are due to come into effect from 6 April 2017 have not been delayed, particularly as the legislation is not yet final. With the rules coming into force in less than a month, it is difficult for non-doms to know which way to turn.

“A good tip for non-doms is to ensure that they are keeping good records and are regularly seeking advice so that they are up-to-date with the latest position and have the records to comply with the rules accordingly."

Ends

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For further information please contact:

KPMG Press office

Tel:  +44 (0) 207 694 8773

Bronwyn Huband, KPMG Corporate Communications

Mobile: 07342 085193 

Emaill: Bronwyn.huband@kpmg.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff.  The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International ooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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