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8 JULY 2015

Non-domiciles generally

From April 2017, a non-domiciled individual will be deemed

domiciled for IHT purposes after being UK resident for more than

15 of the past 20 years. If they leave the UK, they will lose their

deemed domicile status after five years. Also from April 2017,

individuals who were born in the UK to UK-domiciled parents will

be treated as UK domiciled while they are in the UK.


New rules will target avoidance through the use of multiple

trusts as announced in the Autumn Statement 2014. The IHT

calculation rules for trusts will also be simplified.


Corporation tax rates

The corporation tax rate will be reduced from 20% to 19% in

financial year 2017 and to 18% in 2020.

Corporation tax payment dates

There will be new payment dates for companies with annual

taxable profits of £20 million or more. For periods starting

after 31 March 2017, such companies will have to pay quarterly

instalments in the third, sixth, ninth and twelfth months of their

accounting period. Where a company is a member of a group,

the £20 million threshold will be divided by the number of

companies in the group.

Company distributions

The government will consult on the rules for company

distributions in autumn 2015.

Annual investment allowance (AIA)

The level of the AIA (currently £500,000)

will be set at £200,000 for all qualifying

expenditure on plant and machinery made

on or after 1 January 2016.


The AIA this year is

£500,000; from January

2016 it’s only £200,000.

So plan your capital

expenditure carefully.


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