On 6 March 2024, Jeremy Hunt announced the end of the current tax regime whereby a person who is resident in the UK, but not settled here permanently, would pay tax on their UK income but may have been able to avoid paying tax on unremitted foreign income. This so-called \u2018non-dom status\u2019 also provided some relief from UK Inheritance Tax.<\/p>\n\n\n\n
Transitional arrangements will be established for those already claiming non-dom status, which will include a two-year period to encourage wealth earned overseas to be brought into the UK.<\/p>\n\n\n\n
Moving forward, tax advantages for new arrivals to the UK will be limited to four years, after which their income will be taxed in the same manner as other UK residents.<\/p>\n\n\n\n
It appears that non-UK assets settled into trust by a non-dom settlor will retain existing protection from Inheritance Tax and so provides an incentive for arrivals to the UK to settle trusts soon after arriving in the UK.<\/p>\n\n\n\n
The changes are to come into effect from April 2025.<\/p>\n\n\n\n
More details will follow.<\/p>\n","protected":false},"excerpt":{"rendered":"
On 6 March 2024, Jeremy Hunt announced the end of the current tax regime whereby a person who is resident in the UK, but not settled here permanently, would pay tax on their UK income but may have been able to avoid paying tax on unremitted foreign income. This so-called \u2018non-dom status\u2019 also provided some […]<\/p>\n","protected":false},"author":1,"featured_media":959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n