Govt 'compromised' over non-dom issue

The firm says the Budget considerably toned down some of the core issues for non-domiciles, such as the taxation of offshore trusts holding offshore assets for non-doms. Ownership of assets by non-doms via an offshore trust will now not be taxed more severely than direct ownership, which had been the Government's original intention. Rose Wong, head of international financial planning at SG Hambros, says the Government “listened to the people and responded intelligently and reasonably”. “Although some less welcome points remain, such as the close company rules and rules for mixed funds, i...