Changes to domicile rules are on their way.
The Financial Secretary to the Treasury has released a written statement regarding changes to domicile rules. In this statement it’s made clear that the items dropped from the Finance Bill on the calling of the General Election will be reintroduced in a new Finance Bill after Parliament’s summer recess. As a result, changes to the way the domicile rules apply to Income Tax, Capital Gains Tax and Inheritance Tax are the main concerns for our clients. However, there will be no change to the start date, 6 April 2017.
The written statement regarding the changes to domicile rules does not cover the proposed rise in Probate fees. We are still awaiting further news on that.