In 2017 the UK government is planning non-domiciled tax changes and many people may now have to reconsider their options.
The majority of lawyers and trust experts are planning to limit their holidays because of upcoming changes in tax rules for wealthy foreigners in 2017.
In April 2017 thousands of long term “non-residents”, people whose permanent home is outside the UK, will lose some of their tax advantages and reliefs. These changes will lead to increasing of amount of legal work that will have to be delivered within a few months. According to preliminary estimates, there is so much do be completed with 3-4 months that it is obvious that tax consultants are going to run out of time. The beginning of April in 2017 will be an unusually busy time for lawyers in the UK.
Many people who are going to lose their permanent non-resident status in the nearest future are being advised to create offshore trusts before April 2017.