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16 March 2016

Proposals had already been made to bring in significant changes to the deemed domicile rules for UK taxation with effect from 6 April 2017.  Broadly, individuals who have been resident for 15 of the last 20 years, or are resident and have a domicile of origin in the UK, will be treated as if they are domiciled for all UK taxes.  

Budget 2016 confirms that affected individuals will be able to rebase their non-UK assets to market value at 6 April 2017.  All non-domiciled reforms will be legislated in Finance Bill 2017.