It was widely expected that from 6th April 2017, new legislation would remove tax advantages for non-domiciled long-term residents of the UK and those holding UK properties in non-UK companies or partnerships, known as ‘enveloping’. Both the foreign and UK assets of those domiciled in the UK for 15 out of the last 20 years would fall within the scope of UK inheritance tax, while inheritance tax of 40% would be levied on residential property held via off-shore companies and trusts.
However, the Government has just announced that the sections of the new Finance Bill introducing these changes have been dropped. It is likely the proposals will return after the general election on 8th June.
Past issues
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