Expert guide to the proposed non-dom tax regime changes
The UK Chancellor recently announced the abolition of the non-dom-based tax regime, replacing it with a foreign income and gains (FIG) system.
This is a complete overhaul of the personal taxation of individuals coming to the UK from overseas, including replacement of the current remittance basis regime with a new, residence-based ‘FIG’ regime.
Individuals who opt into the new regime will not pay UK tax on any foreign income and gains arising in their first four years of tax residence, provided they have been non-tax resident for a 10-year period.
The changes will have effect from April 2025 and there will be transitional provisions to ease the impact on existing users of the non-dom tax regime.
We have now published our full briefing note on the proposed abolition of the non-dom-based tax regime and the new FIG regime. It includes practical examples of the possible effects on non-doms, non-residents and non-UK trusts and possible planning.
