There have been three key consultations released by the Government in recent weeks, relevant to non-doms, UK taxpayers with offshore interests and partnerships.
The non-dom consultation includes welcome changes which may assist tax advisers help clients adapt or unwind their structures, particularly due to transitional reliefs. HMRC's partnership consultation aims to remove uncertainty in calculating and reporting profits. There are also proposed penalties for "tax evaders" who do not pay tax on offshore accounts.
HMRC reassures landlords over "last-minute stealth tax" on buy-to-lets, updates examples in its SRT guidance and consults on fining advisers for failed tax avoidance schemes.
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