The Government have announced that due to considerable technical input received in response to the recent Consultative Documents upon the SRT and domicile changes it has been decided that the SRT will take effect from 6th April 2013 rather from 6th April 2012 as was widely expected. The rules will be contained in the Finance Bill 2013.
Whilst it is thought that the SRT will make it more restrictive in terms of visits to the UK for certain individuals who want to attain or retain a non-UK tax residence status (i.e. those with a home and family in the UK or other “connecting factors” with the UK), the legislation is likely to provide a greater degree of certainty which must be welcomed by the tax profession and by their clients.
Draft guidance on the SRT is to be announced at around the time of the Budget 2012.
For more information on the consultation from HM Treasury click here.