non-dom

The United States Internal Revenue Service (IRS) has released, in the form of Revenue Ruling 2011-19, the long awaited confirmation that the £30,000 remittance basis charge will be allowable as a credit for US income tax purposes, says Baker Tilly.

The Society of Trust and Estate Practitioners (STEP) believes the non-domiciled reforms announced by the Government will benefit the UK economy.

The Treasury's proposed statutory residency test is a welcome improvement to the current "chaos" but it may still provide room for fraud, accountants Baker Tilly has said.

The Treasury has proposed a new system of testing statutory residency in a bid to tighten tax rules on those who work or live abroad.