Non-Dom – The latest developments – April 2024 v2
Non-Dom regime – the latest developments
Since the Chancellor made his ‘shock’ announcement in the Spring Budget on 8th March 2024, the Labour party have commented that he did not go far enough and that they will be looking to close the “loopholes” which remain for non-doms.
What was announced in the Budget, and what has the Labour Party’s response been?
The Chancellor announced in the Spring Budget 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.
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