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Saturday, 20 August 2016

UK inheritance tax move to hit non-doms - FT.com

UK inheritance tax move to hit non-doms - FT.com:

"Residential property will be liable to inheritance tax even if it is owned by an offshore trust under new guidelines from the Treasury. The decision adds to pressure on wealthy families and individuals living in the UK, but domiciled elsewhere, to reconsider the benefits of remaining in the UK.
As part of last year’s summer Budget, the government announced it would amend the rules for non-dom residents, particularly in terms of inheritance tax. However, many advisers had expected the long-awaited guidelines to be pushed back a year — or even dismissed after the UK’s decision to leave the EU. Now questions have been raised over whether this will be a further factor driving wealthy non-dom residents away from the UK.
“The government have taken everyone by surprise,” said Matthew Braithwaite, private wealth partner at Bircham Dyson Bell, the law firm. “There’s lots of talk about people leaving, but it depends on everyone’s situation.”"



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