The Society of Trust & Estate Practitioners said it is very pleased that the consultations, which were originally due on Tuesday this week, are finally to be published, offering the opportunity to clarify areas widely considered too complex and which leave clients unsure of how the UK tax regime will operate.
Wendy Walton, chairman of STEP’s technical committee, said: “A statutory residence test is capable of being a simple and objective test and is widely used by other countries. For non-doms we expect proposals to simplify the way they are taxed on commercial investment into the UK. These changes will give clients much needed certainty and improve our international competitiveness.”
STEP said it will publish a paper outlining its initial reaction after the consultation has been released.