Summer Budget: Non-doms
Stark tax choices facing the non-doms
As a result, all their worldwide income will need to be translated and understood in the UK – a move that could take weeks or months of work to calculate, says Bruce Saunderson, investment advisory leader, PwC in Scotland.
“Taking a leaf out of the Labour election manifesto, today’s non dom announcement will be a game changer for those impacted.
“The choice for those non doms who face tax rises or complications following the changes will be stark: get their affairs in order, pay more tax, or prepare to leave the UK. And if they are basing themselves here to educate their children, for example, the 15 year limit – which could be 13 unless you come on 6 April and leave on the 5 – isn’t very long.
“What was also surprising was the decision to bring non-UK companies holding UK property into the inheritance tax net. However, it is consistent with changes in the last parliament. This package of measures represents a radical change in the treatment for non doms.”