The letter confirms that the new policy will mean that:

• a £30,000 annual charge will apply for taxpayers resident in the UK for more than 7 years who want to carry on using the remittance basis;
  
  
• “loopholes” in the current rules mean that income can often be remitted without being taxed will be closed;
  
  
• those using the remittance basis will not be required to make any additional disclosures about their income and gains arising abroad. So long as they declare their remittances to the UK and pay UK tax on them, they will not be required to disclose information on the source of the remittances;
  
  
• there will be no retrospection in the treatment of trusts and the tax changes will not apply to gains accrued or realised prior to the changes coming into effect;
  
  
• money brought into the UK to pay the £30,000 charge will not itself be taxable; and- it will continue to be possible to bring art works into the UK for public display without incurring a charge to tax.

Please contact us for further guidance on Non Domcility rules and how this may affect you.