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Government publishes second Finance Bill

11-09-2017

The government has published its second Finance Bill, which includes a measure to abolish non-dom status for those resident in the UK for 15 or more out of the last 20 years; will reduce the Money Purchase Annual Allowance from £10,000 to £4,000 - a loophole which allows people to recycle their pension savings to get extra tax relief, and confirms that the dividend allowance will be cut from £5,000 to just £2,000 in April 2018. James Hender, head of private wealth at Saffery Champness, said although many people will pay more tax under the new rules, the Bill brings “much needed clarity to what was fast-becoming a tax vacuum.”

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