Spring Budget 24: Hunt abolishes the non-dom tax status

Delivering the Spring Budget today (6 March), Hunt said "those with the broadest shoulders" should carry more load. As an alternative, the chancellor unveiled plans for a "simpler, fairer, residency-based scheme" which will see those who arrive in the UK after 6 April 2025 exempt from tax for only four tax years. After that, individuals will pay the same tax as other UK residents. Hunt confirmed a two-year transition period for those already under the current system, in which time they will be encouraged to bring their wealth into the UK. "This is a more generous regime and one of ...