James Capper from BDO London’s International Private Wealth team and Richard Morley from BDO London’s Tax Dispute Resolution team presented the update on the current position of the proposed changes to the remittance basis of taxation regime in the UK (applicable to UK resident, non UK domiciled, individuals) that will take effect from April 2017, together with an update on the UK’s new Worldwide Disclosure facility and the ‘requirement to correct’ regime.
Topics covered included the impact of the proposed new rules on non UK resident trusts, the ability to rebase non UK assets for UK Capital Gains Tax purposes and the proposed ability to tidy up non UK based ‘mixed’ funds. There was also discussion around the penalty regime in the UK under the ‘requirement to correct’ regime and options for disclosure under the new UK Worldwide facility.
