Private Clients - 05 Jan 2015
HM Treasury has now commenced its formal consultation on changes to the non-dom tax regime announced by the Chancellor on 8 July 2015. Because of time constraints imposed by the government’s legislative timetable, instead of the usual twelve weeks of consultation there will be a truncated period of only six weeks. The closing date for responses is 11 November 2015.
Fortunately, HM Treasury was active behind the scenes in the months following the Chancellor’s original announcement. During the summer, discussions were held with various interested parties on the practicalities and mechanics of dealing with such a major change. Some of the helpful material now contained in the consultation document is the result of ‘pre-consultation’ those discussions with interested parties.
To date, there has been little comment on how these changes will affect US individuals living in the UK.
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