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HMRC revises taxation of UK resident non-domiciliary funding

HMRC's 'withdrawal of concessional treatment' is both completely out of the blue, and has also left UK non-doms with many unanswered questions, says Sarah Cormack

21 August 2014

HMRC's 'withdrawal of concessional treatment' is both completely out of the blue, and has also left UK non-doms with many unanswered questions, says Sarah Cormack

HMRC has altered the way in which it treats commercial loans to UK resident and non-domiciled individuals with effect from 4 August 2014, further restricting planning opportunities for remittance basis users. Those who wish to avoid paying additional tax as a result of their existing arrangements must now unwind them. Equally, clients who become UK resident or are seeking to rely on their offshore monies for tax efficient UK funding, will also need to look to alternative means of funding.

UK resident but non-domiciled individuals taxed on the remit...

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