Spring Budget 2024: Non-dom tax replaced with ‘modern residency system’
Change estimated to bring in £2.7bn each year
ANNOUNCEMENT: UK Adviser is now PA Adviser. Read more.
Change estimated to bring in £2.7bn each year
In a bid to bolster its offering for UK-resident non-doms
With an average individual paying £123,000 in the past year
Changes to the regime ‘could have a significant long-term impact’ to the British economy
Chancellor has asked the Treasury to review the impact of scrapping the tax status
Company will also be offering repatriation services for clients looking to return to Britain
Labour Party is likely to change the rules if it wins the next general election
It believes some might have failed to declare and pay an annual levy called ‘remittance basis charge’
As current rates will change in the 2021/22 financial year
Population hit a five-year high with a 28% rise since 2014
It might appear expensive but the tax savings can exceed the cost of the advice and other fees
Understand the tax and regulatory implications of wealth insurance