New to Investment International?

Welcome, and thank you for visiting our website.

Investment International is the leading publication for investors interested in the world of international investment.

Our aim is to give you intelligent commentary on the most important financial stories, and help you to profit from them. If you've enjoyed what you've read so far why not sign up for our FREE investment alert.

Every week the Investment International team sends out a hard-hitting newsletter packed with news and analysis of the top stories this week plus the best investment opportunities on the market. We always look at the bigger picture like the Eurozone Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Tax experts appeal to UK tax officials to be sympathetic over new non-dom rules

PDF Print E-mail
News - Tax
Written by Ray Clancy   
Wednesday, 27 January 2010 09:17

New tax rules for UK resident non-doms are complex and unless officials are sympathetic it could cause many to leave the country, experts are warning.
 
If the Revenue adopts an unduly aggressive or suspicious approach to tax returns due from non-doms at the end of this month it could have a significant impact on the future of the UK as a financial centre, according to tax specialist KPMG.
 
The tax returns, which are due by 31 January, have been deemed the ‘the most important of UK non-doms’ lives’ by KPMG. Large numbers of non-doms are expected to come forward and register with the Revenue for the first time under the new tax rules which have reduced non-dom tax advantages, including the ability of those with no UK income to stay entirely outside the UK tax system.
 
The rules mean UK resident non-dom taxpayers will have to decide whether to claim under the remittance basis and pay a £30,000 one-off fee to keep their offshore profits outside the UK tax net or to pay UK tax on their worldwide income or gains.
 
David Kilshaw, head of private client advisory at KPMG, said the new rules are complex and HMRC should be sympathetic. ‘Tax payers and HMRC alike are struggling with these complex new rules. HMRC can be expected to enquire into a large number of returns to make sure they are correct, and rightly so,’ he explained.
 
‘But it is also to be hoped their approach will be sympathetic and understanding. If HMRC were to be unduly aggressive or suspicious in their dealing with the returns filed, this could be the straw which causes many non-doms to leave the UK,’ he added.
 
KPMG also points out that non-doms need to be extra vigilant when filing their tax returns before the January deadline, or risk a ‘disproportionately high’ bill from the taxman. The revised tax rules for non-dom taxpayers living in the UK have been in place since 2008, but this is the first time the rules will really have an impact.
 

Add comment


Security code
Refresh

Most Read

Latest Guides

Agricultural Investment Report
St.Kitts Property Guide 2011
Download
Caribbean:Buying Guide
St.Kitts Property Guide 2011
Download
St. Kitts & Nevis: Emerging luxury destination
St.Kitts Property Guide 2011
Download
Currency Guide
Currency Expectations Report 2010-2011
Download
Offshore Banking Guide
Offshore banking Guide 2010-2011
Download
Pension Planning Guide
International Pension Planning Guide 2010-2011
Download
Eurozone Crisis
Eurozone Crisis Report 2010-2011
Download
Tax Guide
International Tax Guide 2010-2011
Download
Follow us on Twitter
Find us on Facebook