Writing this article makes me question not what is new to be taxed but what still remains untaxed!! New legislation means that a French plumber who brought a van load of tools and materials into the UK could be now liable for tax under the new domiciled regime.
It could even goes as far as taxing students returning to the UK with expensive textbooks, it is deemed a taxable asset and liable to capital gains from income generated from offshore income. The Treasury has tried to stop low income people being heavily stung as the rules only apply to people with more than £1000 of foreign income and gains. On the face of it all seems well, only the rich will get taxed, what if however you sub let your flat out whilst studying abroad…. you too would be liable for capital gains when returning the country!
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