The Government has responded positively to the consultation over these controversial measures and we welcome the extensive changes published today.
Tony Cohen, head of private client services at Deloitte, commented:
"The exclusion of minor children from the '£30,000' regime, the drafting of the tax in a way aimed at securing a US tax offset for US nationals and the ability for the £30,000 to be treated as a payment of the UK tax relating to a real remittance are all sensible amendments to the original proposals.
"Certainly, the removal of offshore trusts from the UK tax net, unless income or gains are brought into the UK, and the Government's assurance that it will not alter the rules adversely in this Parliament, and the next, sets out the stable regime that many sought.
"These changes will hopefully go a long way to ensuring that important individuals, including many non domiciled entrepreneurs, do not leave the UK and that there is not a disincentive to investing in the UK. "It does seem as though HMRC has listened to the input provided by the professional community and the early reaction from our clients so far has been positive.
"The detailed changes around the bringing of art into the UK will be welcomed by museums and art galleries as much as by the art owners themselves."
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