Following the substantial reduction of the Finance (No. 2) Bill 2017 ahead of the June election, the Government has now published a new Finance Bill 2017 and has said that it intends to introduce it "as soon as possible after the summer recess".
The effect of the new Bill will be to implement policies that were previously dropped from the Finance (No. 2) Bill 2017, including:
The extension of inheritance tax to UK residential property held through offshore structures by non-UK domiciled taxpayers and trusts.
The abolition of permanent non-dom status for individuals who have lived in Britain for at least 15 out of the preceding 20 years.
A reduction in the money purchase annual allowance from £10,000 to £4,000 for individua...
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