Watch this informative Q&A with our tax experts to understand the proposed new rules around the UK non-domicile regime.
Following an announcement in the Spring Budget 2024 to scrap the non-dom tax status in the UK, changes will come into effect from April 2025 and impact UK non-dom residents.
Key changes to be aware of include that foreign income and gains will be completely exempt from UK taxation, for the first four years after being non-UK resident for at least ten years. After that period, if they continue to live in the UK, they will pay the same tax as everyone else. Additionally, a new residence-based regime for inheritance tax will be introduced too.
Key points covered in this Q&A include:
- current regime vs the proposed changes
- the new special status
- planning opportunities
- the impact on Inheritance Tax
For further information
If you have any questions on these new rules and how they could impact you, please contact James Kipping or Will Johnstone, who will be happy to assist.
To discuss other personal tax matters, please contact our private client tax team below.
