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UPDATE: UK Finance Bill 2017

Wednesday 26 April 2017
UPDATE:  UK Finance Bill 2017

This week the UK Government went ahead with a reduced pre-election Finance Bill and in a surprise twist a number of clauses had been shelved.

The Chartered Institute of Taxation provides a comprehensive run down of the amended Finance Bill 2017 here which illustrates the measures that were dropped.

Most significantly, the changes to the UK non-dom regime and IHT reforms that became effective in April 2017 have now been officially put 'on-hold' causing some confusion for individuals and their advisers.

So, what are the implications?

At this stage it is unclear as to whether the UK's non-dom regime and IHT changes will be reinstated, or indeed if the start date for the changes will remain April 2017 or be moved to 2018. 

However, it is widely expected that after the general election in June these new rules will be revisited via a new Finance Bill.

We will watch closely to see if there is any further direction on this matter in the coming weeks and after the general election to see how the dropped measures are treated.

In the meantime if you have any questions on these issues please contact our Tax Consultant, Hannah Roynon-Jones or Director, Chris Cotillard who will be able to provide some further information.

For more detail on these issues please see our recent blogs UK non-dom regime and IHT changes.