big changes to tax from 6 april

3 Mar

london 11.18pm 10.9C rain friday 2017

it’s been around 10C all day practically. is that mild or what?

anyway i just now saw this article about the tax changes. quite significant changes. of the changes these catches my eye.

child benefit of £2780 per child currently applicable to unlimited numbers of children in the family.  but come 6april, for anyone wanting children from then on, it will be limited to their first two children. but for those with children allready, they can continue to have the child benefit paid to all their children. perhaps they should make it if they get  any more children after april 6,  will not get it. but i guess it will be difficult to word it, it will make the bill look very long and complicated. 

From April 2017, non-domiciled individuals who have been resident in the UK for 15 out of the previous 20 tax years will be “deemed domiciled” in the UK and therefore required to pay tax at the same rates as UK citizens. They will also have to pay inheritance tax on all of their estate

at the moment, a non british citizen can claim non domicile status, live here, pay a certain amount of money to the taxman, and dont need to declare their world wide income or holdings. it saves a lot of rich people having to declare their wealth, or get taxed on their overseas income. but all that will change come april 6 for those who have lived here for more than 15yrs. and that clause of having to pay inheritance tax on all their estate is a killer.  it will definitely make them move elsewhere. 


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