Domicile: the only changes

There are four changes on domicile:

1) The limit on earnings to be ignored is now £2,000 rather than £1,000

2) Income from offshore trusts will only be taxed when remitted to the UK even if the assets are in the UK

3) Children are exempted (amazing, rich kids are the real winners in this budget)

4) There will be no further changes in this Parliament or the next.

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Phil Packer says:

March 12 2008 at 10:47 pm

Eh? “Income from offshore trusts …” – is that a typo? Surely income is dealt with under s 720 ITA and what we have here is a massive concession from the government that if you are a non-dom and have an offshore trust investing in UK assets and the trustees sell the UK assets at a gain, there is no CGT unless the GAINS (not the income) are subsequently remitted into the UK? How can you pretend the Budget is not a massive retreat from the original proposals? There are concessions made left, right and centre.
Tax Research LLP says:

March 13 2008 at 11:53 am

Phil

I think you’re flogging a dead horse.

I want rid of domicile altogether. I think it will happen. If not in this parliament, then later.