Changes to the non-dom tax regime

Rebasing offshore assets to their market value at 6 April 2017

Non-domiciled individuals who are UK resident for more than 15 out of 20 years will become deemed domiciled for all tax purposes from April 2017. Those who become deemed domiciled in April 2017 can treat the market value of non-UK situated assets at 6 April 2017 as being their base cost.

This will avoid non-doms taking commercial risk and incurring foreign taxes by crystallising capital gains on non-UK assets prior to this date in order to achieve an uplift in the base costs of their non-UK assets.

Further information in relation to the proposals affecting offshore funds is still awaited, although it has been indicated that there will be some transitional rules for those becoming deemed domiciled.

Are your financial plans still on track after Budget 2016?

There are likely to have been a number of key announcements in this Budget that could have a bearing on your current and future financial plans. To review what action you may be required to take to keep your plans on track, please contact Reeves Financial on 01403 333145 or email areeves@reevesfinancial.co.uk

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