Finance (No 2) Act 2017 Taxation of Non-UK Domiciliaries

23 Jul 2018

Finance (No 2) Act 2017 introduced very significant changes to the taxation of non-UK domiciliaries.

These questions and draft suggested answers have been prepared by committee members of the CIOT, STEP, ICAEW, and the Law Society to highlight and consider areas of uncertainty in the statutory provisions for trust protections, mixed fund cleansing, rebasing and the extension of IHT to overseas property representing UK residential property interests as introduced by Finance (No) Act 2017 with effect from 6 April 2017. The questions and the draft suggested answers were sent to HMRC for comment.

HMRC have commented on the mixed fund cleansing Q&As (see Version 3), IHT residential property (see Version 3) and on the CGT foreign captial losses (see Version 2). Comments have not yet been received on the other sets of questions. Updates will be made when/if received.

Q&As Trust protections Q&As Mixed fund cleansing (VERSION 3 has replaced VERSION 2 to reflect HMRC comments) Q&As Rebasing and the adjustments to the CGT foreign capital losses election (VERSION 2 has replaced VERSION 1 to reflect HMRC comments)

Q&As The extension of IHT to overseas property representing UK residential property interests (VERSION 2 has replaced VERSION 1 to reflect HMRC comments) (VERSION 3 has replaced VERSION 2 to reflect HMRC‚ s comments)

These documents are also published as TAXguides by the ICAEW Tax Faculty.

Technical Team