United Kingdom - 2012 Finance Bill Update

Global Watch ()

Despite a Budget Day promise supporting its introduction at the earliest opportunity, the Government today confirmed that the introduction of the UK’s proposed statutory residence test would be deferred until April 6, 2013.

Whilst we are naturally disappointed that the present uncertainty on UK residence status is to continue for another UK tax year, we welcome the fact that the delay will offer an opportunity for the proposals to be fine tuned.

Other reforms to non-domiciled taxation are to go ahead and will come into effect from April 6, 2012.