CIOT publishes update on rules on taxation of non-doms

The Chartered Institute of Taxation (CIOT) has published further comments from HMRC on the taxation of non-doms, rebasing and the foreign capital losses election rules to clarify complexities over interpretation of the rules

These questions and draft suggested answers have been prepared by committee members of the CIOT, STEP, ICAEW, and the Law Society to highlight and consider areas of uncertainty in the statutory provisions for trust protections, mixed fund cleansing, rebasing and the extension of inheritance tax (IHT) to overseas property representing UK residential property interests as introduced by Finance (No) Act 2017 with effect from 6 April 2017.

The questions and the draft suggested answers were sent to HMRC for comment, and feedback has been received on a number of topics including mixed fund cleansing, rebasing and the IHT extension.

Currently HMRC has not yet made comment on the Q&As on trust protections.

View the update at Finance (No 2) Act 2017 Taxation of Non-UK Domiciliaries, issued 24 May 2019.

0
Be the first to vote
Subscribe