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Overhaul Capital Gains Tax for non-doms


Despite Conservative proposal to charge non-domiciles a one-off charge of £25000 it is unlikely that the new Chancellor will take the bait and make any dramatic changes to the tax treatment of this group of people.

However at present an individuals residence and domicile status determines Capital Gains Tax CGT liability along with where the assets are based. There are circumstances where UK assets are sold but no CGT is due.

While it may be too early for Mr Darling to be taking a hatchet to the non-dom rules theres a quick win available in that he could charge them CGT making UK based property liable to UK tax irrespective of the owners residence domicile.

05 October 2007 Moneyextra.com

Moneyextra.com recommends you take independent financial advice before acting on any article

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2009-02-17 00:00:00 © Moneyextra.com