Complex new non-dom rules

Dear Editor, The taxation of UK resident but non-domiciled individuals (the so called non-doms) has caught the media's attention since first announced by the Government in the pre-budget report last October. The final legislation became law on 21 July in the Finance Act 2008 and is substantively different from the draft released in January. Most of the discussion has centred around the £30,000 annual 'charge' non-doms are now required to pay in order to avoid paying tax on foreign income and gains in the tax year they arise. If non-doms pay the charge then they will only have to pay tax...