Observations on the UK's Summer Budget

Collyer Bristow: General impact of non-dom changes: The changes in the availability of non-dom status will have a huge impact on some very wealthy individuals and a much more manageable impact on a wider class. The biggest immediate impact is to create uncertainty about the UK as a destination for the internationally mobile. A longer term issue is that there is now a disproportionately complex regime which benefits very few. The Government should look at a new, simpler, more certain offering for individuals with very complex affairs - they might even attract some talented Brits back to the country. Clients should not make rash decisions because a consultation process will begin in the autumn and changes will only come into effect from April 2017.

Full story: http://www.collyerbristow.com/archive/view/mailid-128/key-54acf27dc74b2793d808fe2a2c640454/subid-9-62526838c113724bc620b3f91a15b3c3

Serial tax avoiders to be ‘named and shamed’, Osborne reveals

International Adviser: The UK’s chancellor of the exchequer has said serial users of tax avoidance schemes will be ‘named and shamed’ as he promised to introduce further measures to tackle evasion, avoidance and aggressive tax planning in his Summer Budget.  

Full story: http://www.international-adviser.com/news/1023655/serial-tax-avoiders-named-shamed-osborne-reveals

Summer budget: Private client summary

Private Client Adviser: The Chancellor of the Exchequer, George Osborne, delivered his emergency summer budget to the House of Commons today (Wednesday). Here we go through all the announcements relevant to private clients and their advisers.

Full story: http://www.privateclientadviser.co.uk/news/financial-planning/summer-budget-private-client-summary

Inheritance tax Summer Budget 2015 – new exemption for passing on the family home

ICAEW: An extra nil rate band will be phased in from April 2017 and could mean IHT relief of up to £1m for a couple
Full story: http://www.ion.icaew.com/TaxFaculty/post/Inheritance-tax---new-exemption-for-passing-on-the-family-home

Summer Budget 2015 Permanent non-domicile status is to come to an end and there are new IHT rules

ICAEW: Permanent non-domicile status for tax purposes will be abolished from April 2017 and there will be new IHT rules for UK residential property held indirectly by non-UK domiciled individuals or by excluded property trusts.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Permanent-non-domicile-status-is-to-come-to-an-end-and-there-are-new-IHT-rules

Call for non-dom changes to be coherent with other tax incentives

CIOT: Reform of the tax regime for non-doms needs to be accompanied by a review of Business Investment Relief aimed at attracting investment by wealthy non-doms, says the Chartered Institute of Taxation (CIOT).

Full story: http://www.tax.org.uk/media_centre/Press+Releases/PR_nondom_coherant_other_tax_incentives