Autumn Statement 2015: Widening the use of Business Investment Relief (BIR)
Over the last few years, the tide has been firmly against non-doms. The 2015 Summer Budget was no exception.
One relief introduced under the previous Coalition Government stood firmly against that tide – and that relief is BIR. In a nutshell, the BIR rules allow taxpayers on the remittance basis to bring their offshore income and gains to the UK free of tax. The remittance must be in respect of a qualifying UK investments. Click here for our guide to BIR.
It was announced yesterday, that the government will consult on how to change to encourage greater use of the relief to increase investment in UK businesses.
We eagerly await the consultation and the results which are generated from it. Watch this space.