THE TRANSATLANTIC MAGAZINE
THE TRANSATLANTIC MAGAZINE
In today's budget, the Chancellor of the Exchequer Jeremy Hunt has made several changes to the tax rules that may affect expat Americans. The most obvious is to wealthy expats who have 'non-domiciled individual' status.
Commenting on today's Budget measure regarding non-dom tax rules, James Ward, head of Private Client at Kingsley Napley LLP, says:
"Today's budget saw Jeremy Hunt steal Labour's thunder with a move on wealthy non-doms by reducing the number of years they can spend in the UK before paying tax on their worldwide assets from 15 years to 4 years. He also is looking to attack offshore trusts and the protection they provide against arising income and capital gains tax.
"While it is understandable to make long-term UK residents pay tax on their worldwide assets, 4 years is hardly anytime at all, especially as other countries still offer far more generous schemes. So do not be at all surprised if we see even more non-doms leaving the UK and fewer wealthy individuals choosing the UK as a destination of choice."