The current UK chancellor Jeremy Hunt is considering changing the UK non-dom rules to a ‘longer Italian style fixed fee regime’ according to James Quarmby, partner and head of private wealth at law firm Stephenson Harwood in a LinkedIn posting.
He said: “It appears that the political thinking in Westminster has shifted from wanting to steal Labour’s policy outright to introducing a policy so compelling so as to make Labour think again (or at least something that will annoy Labour).
“Remarkably, it seems that the Chancellor is no longer wedded to the 4 year FIG regime and may be contemplating a longer Italian style fixed fee regime, possibly with a 10 year guarantee. That would certainly irritate Labour …”
He added: “I’m also led to believe that there are “big concessions” on IHT in the pipeline. I read this as being more than simply grandfathering pre April 2025 trusts. Perhaps an extension of excluded property trust status to any trust created prior to residency in the U.K.?
“Either way, I’m expecting some pleasant surprises when the legislation is finally released.”
