The most significant changes are set out in this Briefing Note including changes affecting individuals who are resident, but not domiciled in the UK.
- New “deemed domicile” rule after 15 years
- Returning UK domiciliaries – new rules from April 2017
- IHT on enveloped residential property
- Reduced tax relief for investors in residential property
- Tax avoidance and General Anti-Abuse Rule (“GAAR”)
Further Briefings will follow in due course as more clarity emerges on these issues.
Onshore aspects of the UK Summer Budget 2015 are set out in a separate Briefing Note entitled: “UK Summer Budget 2015 – Key Changes Onshore”
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