7th June 2024
Katharine Arthur, Partner and Head of Private Client, and Duncan Cleary, Private Client Senior Manager, have had their analysis published in Taxation on the implications of the proposed changes to the UK’s non-domiciled tax regime.
Katharine and Duncan outline the complexities and uncertainties surrounding current proposals by both the Conservative and Labour parties regarding the taxation of non-domiciled residents in the UK.
The upcoming General Election and subsequent legislation will likely redefine the landscape for non-UK domiciled individuals, with significant changes planned to start by 6 April 2025. The current debate suggests a shift from a domicile-based system to a residence-based regime, potentially ending the remittance basis of taxation. The proposals include transitional arrangements for existing non-doms and plans for a new tax treatment for foreign income and gains.
Katharine and Duncan advocate for a simplified, more efficient tax system that can handle these changes without increasing the administrative burden on taxpayers and HMRC. Katharine says: “The complexity currently witnessed in our tax system is unmanageable. It’s crucial that the next government prioritises simplifying these rules,” says Arthur.
To read the analysis in full, you can read the full article on Taxation here (free subscription needed).
Non-domicile tax advice
We’re advising all those with a non-domicile status to be prepared – don’t wait until the changes are implemented as it may be too late to protect your non-dom status and assets at that point. For further advice, contact Katharine Arthur or Duncan Cleary directly.