Lord Myners – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Myners on 2016-03-21.

To ask Her Majesty’s Government why the budget made concessions available on capital gains to non-domiciled residents of the UK that are not available to standard UK tax payers.

Lord O’Neill of Gatley

The Summer Budget reforms to the domicile tax regime are the most significant since the rules were introduced. They are forecast to raise £1.2 billion this Parliament. The transitional provisions announced at Budget 2016 are necessary for a reform of this scale as they help to ensure that non-doms remain here and continue to pay UK tax on their income and gains within the new domicile tax regime. In April 2017, over 3,000 non-doms will still become subject to UK taxation on their worldwide income and gains.