Policy paper

Draft legislation: deemed domicile - Income Tax, Capital Gains Tax and Inheritance Tax

This measure amends the rules for certain non-domiciled individuals so they will be treated as domiciled in the UK for the purposes of Income Tax, Capital Gains Tax and Inheritance Tax from the 2017 to 2018 tax year.

• From: HM Revenue & Customs
• Published: 26 January 2017

Documents

Draft legislation: deemed domicile - Income Tax, Capital Gains Tax and Inheritance Tax

PDF, 216 KB, 31 pages

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Explanatory note for deemed domicile - Income Tax, Capital Gains Tax - clause 1 and schedule 1

PDF, 335 KB, 22 pages

Explanatory note for deemed domicile - Inheritance Tax clause 2

PDF, 149 KB, 3 pages

Details

Clause 1 and Schedule 1 amend the Income Tax Acts and the Taxation of Chargeable Gains Act 1992, with the effect that certain non-domiciled individuals will be treated as if they were domiciled in the UK for the purposes of Income Tax and Capital Gains Tax from the start of the 2017 to 2018 tax year. This includes transitional provisions for certain overseas trusts, rebasing of assets for Capital Gains Tax purposes and mixed funds held by remittance basis taxpayers.

Clause 2: Deemed domicile: Inheritance Tax (IHT) amends the IHT legislation relating to certain individuals who will be treated as domiciled in the UK for IHT purposes from the start of the 2017 to 2018 tax year.

A tax information and impact note has also been published.

Comments about this legislation should be send to Aidan Close by email: aidan.close@hmrc.gsi.gov.uk by 23 February 2017.

Published 26 January 2017