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Non Doms...what next?

Posted on in IQE Isle of Man

Whilst the Non Dom community probably expected some changes to tax regimes, even from a Conservative Chancellor, not many could have foreseen the dramatic changes that were proposed to the core principles.

These have already been well documented by industry professionals and whilst they are subject to detailed consultation, Non Doms must already be asking themselves some serious questions around career paths, family priorities and lifestyles.

There is no doubt the UK benefits from the contribution of Non Doms and ultimately cannot afford to close the door or discourage this flow of intellectual capital, it helps feed the medical, finance and tech sectors, as well as the not inconsiderable tax take and the provision of jobs by overseas corporations, who have in the past considered at least some of the Non Dom regime advantages, as part of the rationale for setting up in the UK.

Fortunately, the changes are subject to detailed consultation and will not take effect until April 2017.

Our international clients who could be affected by the proposed changes will obviously have to look closely at their own circumstances and take expert professional advice as this discussion continues. However, the technical note issued by the Treasury indicated that the use of offshore trust / company structures will continue to be a valuable planning arrangement for non domiciled individuals, with some specific clarifications around capital gains tax and inheritance tax planning.

The Isle of Man

For now the outlook is positive and whilst there is a long way to run on this, the Isle of Man is already being utilised by Nom Doms for both structuring and lifestyle.

It isn't hard to see why. With circa 70 flights a week to London and the North West of England, only 60 minutes from London Gatwick or City Airports, a lifestyle that offers excellent health care, high educational standards and political stability, the Isle of Man offers a fantastic environment in which to raise a family.

For more information on our services, please email Steve McCafferty smccafferty@iqe.im or call +44 (0) 7624 490561.

We have the expertise to assist with multi-jurisdictional fiduciary services for international structures

Simcocks Advocates have worked closely with IQE on both real estate and other private and commercial transactions over a number of years, and from our experience, IQE always strive to deliver the highest standards of service to both private and corporate clients alike. Their attention to detail, strong work ethic and listed corporate governance experience set them apart from other service providers. Phil Games, CEO, Simcocks Advocates Limited

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