Taxation: Domicil

(asked on 4th September 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the cost of protecting overseas trusts in the draft provisions on deemed domicile for tax purposes.


Answered by
Mel Stride Portrait
Mel Stride
Secretary of State for Work and Pensions
This question was answered on 12th September 2017

The cost of protecting income and gains that arise and remain within a non-resident trust which is set up by a non-domiciled individual who later becomes deemed-UK domiciled form part of the wider package costed as part of the non-dom reforms. The figures for the full package are set out in Table 2.2 of Spring Budget 2017 under two rows: “Non-domiciles: abolish permanent status” and “Non-domicile: IHT on UK residential property. They have been certified by the Office for Budget Responsibility.

Measure

2017 to 2018

2018 to 2019

2019 to 2020

2020 to 2021

2021 to 2022

Non-dom: abolish permanent status

-£20m

£410m

£330m

£315m

£310m

Non-dom: IHT on UK residential property

£25m

£80m

£50m

£55m

£65m

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