STEP Surveys Private Client Professionals on Non-Dom

Stephen Harris

18 January 2008

The Society of Trust and Estate Practitioners, the industry body for private client professionals, has launched a survey to gauge the impact on clients of the UK government's proposals to change the resident non-domicile regime. The survey data will be used to try to postpone the changes until next year and to give the UK government time to carry out an economic impact assessment. Keith Johnston, STEP's chief lobbyist said: "We want private client professionals, in the UK and offshore, to tell us how their clients have reacted to the proposals to change the resident non-domicile regime. We are particularly worried that changes to the capital gains tax treatment of offshore structures will lead to clients investing outside the UK or leaving altogether. But we need hard facts to back up our lobbying. We are asking all private client professionals, whether or not they are STEP members, to complete the survey and if our fears are confirmed we will have extra evidence that these proposals should be postponed". The survey seeks information on the reaction of clients and how much they invest in the UK. To complete the survey click here. Draft legislation is expected within 10 days so this will likely be the last chance to present the UK Government with data in an effort to have the changes postponed. Advisors are already concerned that there is little time to brief clients on the proposed changes as they are expected to come into effect in April this year.