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Internationally competitive? The post-April 2025 tax rules for non-doms
The International Family Offices Journal
Vol. 9 - Iss. 2 pp. 51–66
Dec 2024
It has been a year of seismic upheaval for UK resident foreign domiciliaries and those who advise them. Since the surprise announcements made by the Conservatives in the Spring Budget, regarding an overhaul of the taxation of non-doms, there has been a frenzy of speculation about if, when and how the proposals would be taken forward. Now, following the Autumn Budget and the publication of draft legislation, we have certainty about the timing of the reforms. We also have a clear picture of the post-5 April 2025 tax regime, even though a few aspects of the draft legislation may change between now and its enactment. In this article, we look at the forthcoming changes, consider how they will affect existing UK resident foreign domiciliaries and structures they have created, and address the new rules which are intended to attract new immigrants to the United Kingdom.