UK to change ‘unintended’ non-dom hit to overseas bank accounts

UK to change ‘unintended’ non-dom hit to overseas bank accounts

Effect of provision would be reversed pending ministerial sign-off, Treasury official says

UK to 'reverse unintended' non-dom hit to overseas bank accounts

The UK government is expected, according to reports, to reverse a technical element of its non-dom tax changes relating to money held in overseas bank accounts. Specifically, the Treasury is looking to amend the provision in the Finance Bill that would have unintentionally taxed non-doms on money moved between overseas bank accounts — even if it was earned in prior years when they were exempt from UK taxes. Under the revised approach, only new f…

UK to change ‘unintended’ non-dom hit to overseas bank accounts – Sky News: The Latest News from the World

Stay informed with free updates Simply sign up to the UK tax myFT Digest — delivered directly to your inbox. UK ministers are expected to reverse a technical element of Labour’s non-dom tax changes relating to money held in overseas bank accounts as they steer legislation to enact the October Budget through parliament. A provision […]