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ARTICLE · 03 JANUARY 2012

UK Finance Bill 2012 Draft Clauses - Getting There?

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Unusually perhaps, much excitement surrounded the publication of draft clauses for Finance Bill 2011 last week.

United KingdomFinance and Banking
Sophie Dworetszky
Sophie Dworetszky
Sarah Cormack
Sarah Cormack
Christopher Groves
Christopher Groves
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Unusually perhaps, much excitement surrounded the publication of draft clauses for Finance Bill 2011 last week. These clauses set out some, if not all, of the promised changes to residence and domicile.

While draft finance bills may not usually be thought of as especially exciting, there was some justification: a number of hopeful sounding changes were initially mentioned in the Budget in March and positive Consultation documents were published in July.

The consultation marked a commitment to expanding the remittance basis and also creating certainty around when someone is and is not UK resident, and consequently there was unsurprising interest about how these proposals would be reflected in the draft legislation. Now that has been published, the real question is whether the optimism was justified. For the moment, the indicators are positive, although we are certainly not fully there yet.

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