In a long-awaited announcement, the government today confirmed its intention to re-introduce the Finance Bill after the summer recess, with all previously announced measures to be included.
Those measures, it is assumed, will include the significant changes to the resident non-domiciled (RND) regime and the taxation of UK residential property holdings.
This comes after a long period of uncertainty caused by the shelving of the Finance Bill, itself brought about by the calling of the snap General Election, which meant that the government were unable to pass the Finance Bill before Parliament was dissolved.
Private Capital partner Chris Moorcroft says: “This is good news insofar as it brings some certainty to RNDs and those with residential property holding structures, many of whom undertook significant restructuring prior to 6 April 2017.
“It is also significant that the government has announced its intention to backdate the majority of the changes to 6 April 2017, although the implications for other timings (such as the two year window for mixed funds relief) will need to be considered.
“However, there is still a possibility of tweaks to the legislation or that the government will not last long enough to actually get the Bill passed. So while this is a significant step in the direction of clarity, it should not be taken as settling the position just yet.”
You can read further information about the Finance Bill and next steps here.