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Dance, puppets

As a new tax year gets under way, Robert Maas considers what tax-planning strategies need to be updated and what needs to be scrapped completely

12 May 2016

Whatever you may or may not think of George Osborne, he cannot be accused of failing to introduce major reforms to the UK tax system. Whether these reforms are desirable or appropriate remains to be seen however. As we embark on a new tax year, now seems like a very good time to consider whether a change in strategy is required when it comes to some aspects of traditional tax planning.

Non-doms

A close inspection of non-UK domiciled individuals (non-doms) is a good place to start. This group has always had a favoured place in the UK tax system, but this has been chipped away somewhat for inheritance tax (IHT) purposes since the introduction of capital transfer tax in 1975, and now the introduction of the concept of deemed domicile after 17 years of UK residence.

From 6 April 2017, a person becomes deemed domiciled - and thus liable to IHT - if he ...

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