Abolition of the UK Non-Domiciled Tax Regime
The Chancellor has announced that the current remittance basis of tax for non-UK domiciliaries will come to an end on 6 April 2025. It will be replaced with a new residence-based regime for new arrivers, where foreign income and gains will broadly be exempt for 4 years Thereafter, all UK residents will become taxable on a worldwide basis from 6 April 2025, whether domiciled or not, subject to some significant transitional arrangements for existing remittance basis users.
Overview of Current Non-Dom Regime
UK residents with a foreign origin or “domicile” can currently elect to be taxed on the remittance basis in respect of their foreign income and gains during the first 15 years of UK residence. That broadly means that they are not subject to tax on foreign income and gains unless and until those funds are brought to or used in the UK.
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