30 July 2024
HM Treasury (HMT) has published a policy paper setting out the changes being made around the taxation of non-UK domiciled individuals from 6 April 2025.
The focus of the changes is to attract the best possible talent and investment to the UK by removing the outdated concept of domicile status from the tax system. HMT believe the implementation of the residence-based regime will be internationally competitive.
The government plans to address unfairness in the tax system, with anyone who is a long-term resident in the UK paying taxes in the UK.
The 4-year foreign income and gains (FIG) regime, previously announced at the Spring Budget by the former government, will still be implemented, with key areas being reviewed. The new government aim to ensure the new regime is both fair and competitive.
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