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The Chancellor today announced a change to the way individuals who are non-UK domiciled are going to be taxed, replacing the outdated concept of domicile with a simpler residence-based regime.
This will align the UK with most of the rest of the world, where you are taxed based on where you live.
For the first four years in the UK, any foreign arrival will not be taxed on their foreign income, assuming they have not been UK tax resident in the previous ten years. From year five onwards, they will be taxed on their worldwide income as is the case for other UK residents.
There will be transitional rules for people currently within the non-dom regime, including an option to rebase the value of capital assets to 5 April 2019, a temporary 50% exemption in the amount of foreign income being taxed in the UK for the first time and also a two-year window to bring accrued income into the UK at a reduced 12% tax rate.
The rules on the taxation of earnings for employment duties performed out of the UK will also be changed so that they are easier to claim.
These new rules will take effect from 6 April 2025.
If you are non-UK domiciled and have any questions about how this change in the rules will affect you, please contact one of our Tax Specialists on 01228 711888.
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