ARTICLE · 24 AUGUST 2015

In The Spotlight - Summer 2015

Smith & Williamson

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Taking a leaf from the Labour Party's election manifesto, there will be a further tightening of the rules for non-doms.

United KingdomTax

Smith & Williamson

WINDS OF CHANGE - GEORGE OSBORNE'S FIRST BUDGET AS THE CHANCELLOR OF A CONSERVATIVE GOVERNMENT BROUGHT SEVERAL SIGNIFICANT ANNOUNCEMENTS.

By Mark Wingate

Taking a leaf from the Labour Party's election manifesto, there will be a further tightening of the rules for non-doms. In an attempt to provide a more level playing field for those receiving remuneration from companies by salary or dividend, there is a revision to the way dividends are taxed. But one of the consequences of the withdrawal of the notional tax credit is greater taxation for higher rate and additional rate taxpayers with substantial dividend income.

Landlords will also see changes over the coming years, particularly concerning entitlement to tax relief for interest on borrowings on buy-to-lets. Amid so much change, there are pockets and windows during which you could maximise relief. There is currently such a window for contributions to pension schemes between now and 5 April 2016.

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