Can someone explain when the new rules would apply.
Say X became resident in May 2005. I guess if the question was asked (in retrospect) on April 6th 2005 the answer would be tax resident for 1 (the then current) year of the last 10 and so on; per the table below. On April 6th, 2011 the answer would be 7 (including the then current year) of the last 10, does that therefore make any offshore income from April 6th 2011 to 2012+ subject to the rules?
How many years resident asked on April 6th:
2005 1
2006 2
2007 3
2008 4
2009 5
2010 6
2011 7
Or does it have to be 7 completed years and you are not subjected to the new ruiles until April 6th 2012+?
Thanks
Shawn.
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