The Financial Times quotes Dominic Lawrance on the complexities of the non-dom tax changes in the Finance Bill
The UK government is reportedly poised to reverse a part of the Finance Bill that inadvertently impacts non-domiciled residents (non-doms) by taxing money in their overseas bank accounts.
Dominic Lawrance, Private Client Partner, warned HMRC and alerted press about a provision in the Finance Bill would have meant non-doms who stayed in the UK past April incurred tax on money moved through overseas bank accounts which they had earned in prior years when they had been exempt from UK taxes.
In a recent letter to HMRC picked up by the Financial Times, Dominic, said that it was:
...astounding if a non-dom who had used the remittance basis became liable for tax by transferring cash to a non-UK bank account in his or her name.
Read the full piece in the Financial Times here (subscription required).
