KPMG's Jo Bateson comments on the Spring Budget.
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."
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