The Queen’s Speech and the Finance Bills
Following the Queen’s Speech last week, it is rumoured that a number of Finance Bills will be published on 28 June, which may include the proposed legislation regarding the changes to the “non-dom” regime.
However, a leading Counsel, closely involved with the drafting of the “non-dom” legislation has publicly stated that it is likely that the proposed changes to the “non-dom” regime would be deferred such that the new rules would apply with effect from 6 April 2018. It is thought that it would be too difficult to introduce this complex legislation part way through the current tax year and that non-doms are already experiencing too much uncertainty in their tax situation in the 2017/18 tax year. However, until that draft legislation is published non-one will know the approach the Government will take with regards to implementation of the proposed “non-dom” changes.
If you have any questions on the proposed “non-dom” legislation, then please contact Paulette Peterson on [email protected]