April 2017 saw a barrage of UK tax rules take force, including a clamp-down on the number of years resident non-domicile status can be claimed, and harsher, more regulated treatment on selected offshore arrangements which were often used to avoid encountering Inheritance Tax (IHT).
As you will see from the statistics below, a resultant shift in the proportion of those identifying as resident non-domiciled occurred in the tax year 2016-2017, and Her Majesty’s Revenue and Customs predicts the trend to continue:
With the reforms now in full operation, it is more important than ever to consider how your domicile status may affect your own personal financial circumstances. Clearly, the implications for someone who is resident and non-domiciled will not be so straightforward as in previous years. If you would like to discuss your domicile status and/or tax affairs, then please do not hesitate to contact The Fry Group’s experienced team.