13 July 2017
After announcing in the run-up to the General Election that the more complex sections of the Finance Bill were being dropped, the government has today revealed that the missing legislation will be brought back in a new Finance Bill to be introduced as soon as possible after the summer recess. The changes affecting non-doms and the Inheritance Tax (IHT) treatment of UK residential property owned via offshore structures (see here) are expected to be reinstated without significant amendment. Crucially, the government has confirmed that policies originally announced to start from 6 April 2017 will be effective from that date.
The changes referred to above are wide-ranging but are accompanied by some significant transitional reliefs. If you think that you will be affected and have yet to take advice I would urge you to contact me or your local UHY tax expert as a matter of urgency.