Ongoing speculation over tax changes presents significant challenges for delivering reliable advice, writes Jeremy Mindell (Primondell).
The news that Rachel Reeves and HM Treasury are considering reversing the extension of inheritance tax to the non-UK property of individuals who were previously domiciled outside the UK is promising yet it brings up several concerns.
This situation started from Jeremy Hunt the former Chancellor who proposed the end of domicile as a factor in the UK tax system. However his proposals permitted non-UK domiciled individuals to create excluded property trusts which would protect non-UK assets from inheritance tax even if the individual later became UK domiciled.
Unfortunately Rachel Reeves eliminated that exemption leading to a notable exodus of high net-worth individuals. This has likely not only reduced economic...
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Ongoing speculation over tax changes presents significant challenges for delivering reliable advice, writes Jeremy Mindell (Primondell).
The news that Rachel Reeves and HM Treasury are considering reversing the extension of inheritance tax to the non-UK property of individuals who were previously domiciled outside the UK is promising yet it brings up several concerns.
This situation started from Jeremy Hunt the former Chancellor who proposed the end of domicile as a factor in the UK tax system. However his proposals permitted non-UK domiciled individuals to create excluded property trusts which would protect non-UK assets from inheritance tax even if the individual later became UK domiciled.
Unfortunately Rachel Reeves eliminated that exemption leading to a notable exodus of high net-worth individuals. This has likely not only reduced economic...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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