When the non-dom charge was introduced in 2008, the Budget papers contained a lengthy opinion obtained by HMRC from Skadden, Arps, Slate, Meagher and Flom LLP, the distinguished US firm, to the effect that credit would be available for the £30,000 charge against the individual’s liability to US tax.
Many people are steeling themselves for the payment of the £30,000 non-dom charge on 31 January so that they can continue to benefit from the remittance basis.
The part of this year's Budget, announced on 24 March, that specifically affects financial services focuses on international and domestic issues.
Spring is a good time to clear out the clutter and take a fresh look at things.
This special issue of our UK Tax Bulletin includes a summary of the main Budget proposals announced by the Chancellor of the Exchequer this afternoon.