‘Non-doms’ in the UK to reshape their taxation schemes
Non-domiciled in the United Kingdom are reshaping their properties and taxation schemes in anticipation of government’s taxation changes due to the Brexit.
The British tax system and its rules will radically change since April 2017 and it will do more once London calls upon Article 50 of TEU to start the EU’s exit negotiation with Brussels.
The tax system will not be the same, especially for non-doms who are tax residents whose property or what they consider as their country is outside the United Kingdom. The tax system was bound to change regardless but Brexit has sped up the process.
Thus, the legal consulting sector foresee months of hectic jobs for lawyers and consultants: the bulk of consultations are focused on income tax, inheritance tax, and corporate tax.
Wealthy non-doms are already starting to take preventive measures to mostly avoid, the Brexit’s negative effects on their wallets. These initiatives are amongst others, the reshaping of their investment and property funds and, ultimately, even leaving the United Kingdom.
Although maintaining a right fiscal and property status is always advisable, the uncertainty created by Brexit and its consequent opening of negotiations with Brussels turns it into an essential.
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Del Canto Chambers’ Editorial Board