Key Actions for non doms to consider before April 2016
14 March 2016
In the latest Private Client update from KPMG we learn that although we might be in sight of the start of the new tax year, for non-doms there are certain key actions to consider before the current year draws to a close.
The checklist provided by KPMG explains some of the issues to deal with before 6 April 2016. Also provided is a decision tree designed by KPMG that can be used as a guide to help non-doms decide whether they should pay the £30,000/£60,000/£90,000 remittance basis charge.
Furthermore, there have been substantial changes to the taxation of UK residential property since March 2012 and more are in the pipeline. Many of the changes interact but have been introduced from different dates, including capital gains tax for non-UK residents from 6 April 2015. Upcoming changes include an SDLT surcharge on second residential properties, an interest relief restriction for landlords and transparency of holding vehicles for inheritance tax.
KPMG in the UK have, therefore, updated their property ‘health check’ for holders of UK residential property who are seeking clarity on how the changes affect them and seeking advice on whether their position could be improved. For further details click here.
Whitmill Trust do not provide tax advice but if you would like further information on the above matters, we would be happy to recommend a professional advisor that you can connect with, either at KPMG or at another firm with whom we work.