Private Clients - 07 Sep 2017
It is well documented that the snap General Election in June 2017 led to the reforms to the taxation of non-domiciled individuals and offshore trusts to be dropped from the Finance Act 2017.
Over the last few months HMRC have confirmed that it remains their intention to backdate the changes to 6 April 2017 although there is still some uncertainty as to what the final legislation will look like.
It was announced yesterday that the draft Finance Bill will be published on Friday 8 September with the second reading of the Bill scheduled for 12 September and explanatory notes released at this time. The second reading of a bill does not usually follow so quickly after a first reading and this does seem to indicate the Government’s commitment to push this through as quickly as possible. A timetable of how and when the Bill is scheduled to move through both Houses is usually set after the second reading. This will give us a clearer picture of when the Bill should be enacted.
At this time we continue to recommend our clients contact their usual advisor prior to undertaking any new plans that may rely on the proposed changes becoming effective.
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