On 30 October 2024, Chancellor of the Exchequer, Rachel Reeves,
delivered the Autumn Budget, confirming a number of changes
originally outlined in the Spring Budget.
As expected, from 6 April 2025, the existing non-dom regime will
end and the concept of domicile will be replaced by a system based
on tax residence.
Currently, individuals who are UK resident but not domiciled in
the UK can benefit from the remittance basis for their first 15
years of UK residence. This means they do not pay UK tax on non-UK
income and gains unless remitted to the UK. Under the new system,
individuals who opt into the new regime will not pay UK tax on any
foreign income and gains arising in their first 4 years of tax
residence, provided they have been non-tax resident for the last 10
years.
