We have prepared additional commentary on some of the measures highlighted in last week’s Finance Bill coverage.
Following the publication of the majority of our Finance (No. 2) Bill 2016-17 coverage in last week’s Tax Matters Digest, we have published a number of other pieces of commentary that may be of interest. Firstly, some additional coverage on the fundamental tax changes for non-UK domiciled individuals, which starts on 6 April 2017. We’ve also expanded our coverage on some of the employment taxes changes that featured in last week’s edition, including commentary on Optional Remuneration Arrangements, reform of the intermediaries legislation, and changes to the disguised remuneration legislation.
From 6 April 2017, long term UK resident (i.e. UK resident for 15 out of the last 20 tax years) non-UK domiciled individuals who become deemed domiciled under the new rules will need to report to HMRC their worldwide income and capital gains and pay UK tax thereon. This is a fundamental change in the compliance landscape.
A further update to these rules was provided in the Finance Bill. Although much of the detail is now confirmed, there are still some areas of uncertainty.
KPMG’s Private Client team has prepared high level summaries of the new rules that will be introduced by Finance Bill 2017 and take effect from 6 April 2017.
If you would like to find out more please speak to your local Private Client contact or one of the advisors listed in the attachments.
The Finance Bill introduces legislation designed to remove the Income Tax benefits of Optional Remuneration Arrangements (OpRA). However, some question marks remain.
The Finance Bill contains significant changes to the taxation of off-payroll workers in the public sector which are due to come into effect from 6 April 2017.
The Finance Bill published on 20 March 2017 contains some changes to the earlier legislative proposals on disguised remuneration published on 5 December 2016.
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