UK Tax Changes Will Affect Gibraltar!

The draft legislation for Non Dom- UK Residents was released on 18^th January 2008.

The implications of this legislation will affect Gibraltar residents who fly frequently to the UK, whether it is for business or pleasure. The clients of Gibraltar Management companies and clients of Gibraltar trust companies.

The implications of this legislation are far reaching and will have a substantial impact on offshore trusts and companies, which are owned by UK resident non - UK domicile individuals.

Non UK Residents

The legislation covers UK residence issues with regard to days of arrival and departure being counted. As expected HMRC has revised the rules they operate to include days of arrival and departure when counting the number of days in the UK when establishing UK residency. By reference to the annual 183 day test and the 91 day average over 4 years test. The former concession for medical emergencies will no longer apply.