CIOT update on Finance (No. 2) Act 2017 taxation of non-UK domiciliaries
Released 14 March 2019
The Chartered Institute of Taxation (CIOT) has published comments provided by HMRC on the Q&As relating to mixed fund cleansing.
Finance (No 2) Act 2017 introduced very significant changes to the taxation of non-UK domiciliaries. The committee members of the CIOT, the Society of Trust and Estate Practitioners (STEP), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Law Society published a series of questions and draft suggested answers to highlight and consider areas of uncertainty in the statutory provisions for trust protections, mixed fund cleansing and rebasing, as introduced by Finance Act 2017, with effect from 6 April 2017. The CIOT has now published an update - Version 3 - incorporating HMRC comments on the Q&As relating to mixed fund cleansing.
For more information, see Finance (No 2) Act 2017 Taxation of Non-UK Domiciliaries - UPDATE.