UK Non-Dom Update History: Tracking Changes and Insights

Welcome to our UK non-dom Update History Page. As the landscape of UK tax policies evolves, we are committed to providing you with the most current and factual information to aid your decision-making process regarding relocation abroad. This page archives all our past updates on the UK Spring Budget proposals and related developments. Stay informed and explore our update history to track the progression of changes that could affect you.

To explore key considerations for UK non-dom individuals considering moving abroad, visit our dedicated page.

8th July 2024

13th June 2024

The Labour Party has launched its election manifesto, which includes several pledges that could impact non-doms. Key proposals include:

1. Abolishing non-dom status: This will be replaced with a modern scheme for people genuinely in the country for a short period. No further details are provided in the manifesto, but it is expected to resemble Conservative policies announced in the Spring Budget. We understand that under Labour’s proposals, the 50% reduction to tax on foreign income for 2025-26 would not be available.

2. Ending the use of offshore trusts to avoid inheritance tax: This was not part of the Conservative policies announced in the Spring Budget and would likely also impact deemed domiciled taxpayers who have already created protected settlements, which would otherwise avoid UK taxation.

3. Aligning the taxation of carried interest: This would be adjusted so it is subject to income tax rates instead of the lower capital gains tax rates.

4. Introducing an additional 1% SDLT charge on non-residents buying UK property.

7th June 2024

As of 7th June 2024, no definitive changes have been enacted. The UK Spring Budget proposals are still under review and, given the forthcoming General Election, the current tax policies remain in place for the foreseeable future.  However, individuals considering a move away from the UK would be well placed to start considering their options.

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