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The Chancellor today confirmed that the new tax regime for non-domiciled individuals will go ahead as originally announced.

However, Ian Abrey, personal tax partner at international accountancy and advisory firm Mazars, points out certain concessions announced in the detail of the Budget.

These include:

• Gains realised by non-resident trusts will now only be taxable to the extent that they are brought into the UK - even if they relate to a UK asset.
• This is a more favourable regime than that which will apply to taxpayers holding assets directly where gains on UK assets are taxable as they arise, irrespective of where proceeds are paid.
• Such trusts can elect for assets to be "rebased" at 5 April 2008, so that only gains after this date would be potentially taxable at the price of additional disclosure requirements.

This effectively creates an incentive to create structures which will continue to be taxed more favourably than direct investment by non-domiciled taxpayers.

Non-doms will still need to pay a fixed £30,000 per year if they want to pay tax on the remittance basis and defer tax on overseas assets.

It may still be important to look at opportunities for taking full advantage of the existing rules before 6 April - although some opportunities to do this have been closed from today.

• • Mazars survey: Mood amongst Lloyd’s brokers uncertain amid downturn
    Friday 28 March 2008
    Lloyd’s brokers painted a mixed picture of resignation and resilience in a survey published today by international accountancy and advisory firm Mazars.

• • Budget 2008: Capital Gains Tax - 24 days left to act
    Wednesday 12 March 2008
    Ross Mackenzie warns that business owners have only a narrow window of opportunity to restructure the ownership of their businesses if they are to avoid the new capital gains tax rate.

• • Budget 2008: Chancellor gives opportunity to cut existing CGT bills by 25% or more
    Wednesday 12 March 2008
    The Chancellor's previously announced changes to the Capital Gains Tax regime, together with a 25% increase in contributions to EIS have provided a spectacular opportunity to reduce tax on personal capital gains.

• • Budget 2008: Good news at last for non-doms?
    Wednesday 12 March 2008
    The Chancellor today confirmed that the new tax regime for non-domiciled individuals will go ahead as originally announced.

• • Budget 2008: The hidden detail behind Enterprise Management Incentives
    Wednesday 12 March 2008
    While the Chancellor appears to have improved the tax breaks on share incentives by increasing the Enterprise Management Incentive limit to £120,000, it is not much more than index-linking it since its introduction in 2001.

• • CGT concessions: “Entrepreneurs’ relief” will penalize those with the most potential
    Thursday 24 January 2008
    The capital gains tax concessions announced today may be welcome news for the UK’s smallest businesses but, ironically, the new “entrepreneurs’ relief” risks damaging the most promising new business owners.

• • China: Start-Up Capital of The World
    Friday 30 November 2007
    Results of the largest global study of entrepreneurship ever conducted indicate a vast difference in the entrepreneurial activity of the world’s two largest emerging economies.

• • Mazars’ London office moves to Tower Bridge House
    Monday 26 November 2007
    Today saw the beginning of a new era for the London office of international accountancy firm Mazars as teams from Bevis Marks and Sheldon Square in the Paddington Basin moved into new premises at Tower Bridge House.

• • Revealed: The World Map of Entrepreneurship
    Wednesday 14 November 2007
    International accountancy and advisory group Mazars, in collaboration with the Global Entrepreneurship Monitor (GEM), today launches the findings of the largest global study of high-growth entrepreneurship ever conducted.

• • Mazars partner wins Women in the City award of achievement
    Thursday 8 November 2007
    Fiona Hotston Moore, partner and board member at international accountancy firm Mazars has won the accountancy category in the inaugural Women in the City Awards of Achievement.

• • Mazars expands into Jersey
    Wednesday 10 October 2007
    Mazars, the international accountancy and advisory group, is expanding into the Channel Islands by merging with successful local practice Moores Rowland Jersey, a former member firm of Moores Rowland International.

• • PBR: Alistair to be the investment industry’s darling with a huge and unintended tax break?
    Tuesday 9 October 2007
    As the dust is settling, it would appear that Alistair Darling has fallen prey to the law of unintended consequences.

• • PBR: Freeze frame for films
    Tuesday 9 October 2007
    Commenting on the implications of the Pre-Budget Report for the film industry, Michael Avient, tax partner at international accountancy firm Mazars and an expert on film finance said:

• • PBR: Dying to realise value from your business? A sad day for entrepreneurs
    Tuesday 9 October 2007
    Following today’s Pre-Budget Report, Richard Garrod, partner at international accountancy firm Mazars, comments on the implications for entrepreneurial businesses.

• • Board Evaluations Survey: Less than half of all FTSE 100 companies use external facilitators
    Monday 8 October 2007
    Mazars, the international accountancy firm, today publishes the findings of extensive research into how board evaluations are undertaken by today’s FTSE100 companies as reported in their annual report for the last three years.

• • Mazars responds to the FRC's Review of the Impact of the Combined Code
    Thursday 19 July 2007
    View Mazars' response to the Financial Reporting Council's consultation paper 'Review of the Impact of the Combined Code'.

• • Key appointment for Mazars’ European Project Finance team
    Monday 16 July 2007
    Mazars, the international accountancy and advisory firm, has appointed Roger Alexander as a senior partner in its European Project Finance team.

• • Mazars steps up pressure for audit market reform
    Tuesday 3 July 2007
    Mazars, the leading auditor of global companies in Europe outside the big four, is calling for substantial reforms in its formal response to the interim report of the Financial Reporting Council’s Market Participants Group ‘Choice in the UK audit market’.

• • Mazars appoints new partner to lead regulatory practice
    Thursday 7 June 2007
    Mazars, the international accountancy and advisory firm, has hired Serena Joseph, an expert in financial services regulation and compliance, as a partner. She will spearhead the expansion of the firm’s regulatory advisory practice.

• • Mazars welcomes Market Participants Group report
    Monday 23 April 2007
    Mazars welcomes the Interim Report of the Financial Reporting Council’s Market Participants Group on ‘Choice in the UK Audit Market’, published today.

• • Mazars and former MRI members announce the launch of Praxity
    Tuesday 17 April 2007
    Mazars, along with key former members of Moores Rowland International (MRI), has announced the successful launch of Praxity - an international global alliance of independent accounting firms.

• • Mazars merges with MRI Moores Rowland
    Wednesday 11 April 2007
    Mazars merges with the business of MRI Moores Rowland resulting in a significant increase to Mazars’ presence in the UK accountancy market.

• • Mazars responds to FRC discussion paper 'Promoting Audit Quality'
    Friday 30 March 2007
    Mazars congratulates the Financial Reporting Council (FRC) on its publication of a thoughtful and comprehensive discussion paper on the vitally important issue of ‘Promoting Audit Quality’.

• • Budget 2007
    Wednesday 21 March 2007
    Andrew Green, partner at international accountancy firm Mazars, comments on the implications of the 2007 Budget for the insurance industry.

• • Mazars establishes a UK project finance capability
    Friday 9 March 2007
    Mazars, the international accountancy and advisory firm, has established a UK project finance capability by recruiting Head of PPP at RSM Robson Rhodes, Bob Green.

• • New group executive for Mazars
    Tuesday 30 January 2007
    Mazars, the integrated international accountancy and advisory firm, today announced the appointment of its executive board. Patrick de Cambourg was re-elected Chairman of the Group for the next three years.