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On the 20th March 2017, the chancellor announced that the 2017 Finance Bill (which was originally due to be one of the largest parliamentary bills in history) was to have over half of its clauses removed prior to being rushed through parliament in advance of the general election.

 

Many of the clauses removed involve key tax policy changes including:

 

• The overhaul of the non-dom tax rules

• Making tax digital

• The reduction of the tax-free dividend allowance from £5k to £2k

Finance Bill 2017

A full list of the provisions removed from the bill can be found here: Government Drop Majority of Finance Bill 

The move creates an unfortunate period of uncertainly as it was anticipated that the complex and wide-ranging non-dom changes were going to take effect from 6 April 2017.

 

Without legislation, and with the prospect of a new government in place after the June election, the future of the proposed changes is far from clear.

 

Many non-doms have already taken steps to re-structure their affairs on the assumption that the new rules would apply from 6 April 2017, and many more will have made similar plans to take action after this date.

 

Opinion within the industry is divided as to whether the next finance bill would back-date the commencement of the non-dom rules to 6 April 2017, or delay until 6 April 2018 once the provisions have gone through parliament.

 

As the government is now in purdah until after the election, there is no prospect of any further guidance being issued until after the election.

 

The sensible approach for non-doms affected by the rule changes would be to put relevant investment or restructuring plans on hold until there is some clarity from the post-election government as to the confirmed commencement date of the clauses that were removed from the Finance Bill.

 

Here at Everfair Tax, we specialise in advising non-UK domiciled and internationally mobile individuals. If you are affected by the non-dom rule changes, we can advise on the best way forward. Give us a call on: 01932 428536 or e-mail info@everfairtax.co.uk