Chancellor Jeremy Hunt’s announcement that the non-dom tax status will be scrapped by the government has elicited a mixed range of responses across the industry.
In yesterday's (6 March) Spring Budget, Hunt called the tax "outdated" and said a "simpler, fairer, residency-based scheme" would instead be introduced from the 2025/26 financial year. "This will mean that all UK residents who stay in the UK for over four years will pay UK tax on their foreign income and gains, regardless of their domicile status, creating a modernised regime," explained Sedulo senior tax manager Adam Jones. The government is likely hoping the policy will create a net gain for HM Treasury, Weightmans partner and head of wills, trusts and estates Richard Bate explained...
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