Accounting and legal experts have said that they are sceptical of a new government consultation out this week on changes to tax rules for non-domiciles, or “non-doms”.
In the Summer Budget, chancellor George Osborne said he would be tightening tax rules for high-earning residents whose also reside outside the UK, including getting rid of permanent non-dom status.
A proposal published yesterday indicated that there may be a slight row-back, with offshore trusts may not be affected by the government’s changes.
Yet Gill Smith, partner at Moore Stephens, said the proposal was still “unhelpfully short on detail”.
Richard Jordan, a partner at Thomas Eggar, made a similar point, saying that while the new proposals “do appear to cut some slack to existing non-doms with offshore structures”.
But he added: “We have no detail yet, but HMRC is not renowned for its generosity.”