UK to Overhaul Non-Dom Tax Regime, Sparking Wealth Exodus
The UK government's decision to reform the non-domiciled tax status has led to a surge in wealthy individuals planning to leave the country, with tax lawyers reporting a flood of inquiries.
- Tax lawyers report a surge in inquiries from non-doms planning to leave the UK following the government's announcement to overhaul the tax regime.
- The reform, set to take effect in April 2025, will limit tax breaks for new arrivals to four years and impose significant tax increases on current non-doms.
- Countries like Italy, UAE, and Switzerland are poised to welcome the departing wealthy individuals with favorable tax regimes.
- British expatriates could benefit from reduced inheritance tax bills under the new residence-based regime.
- The Treasury disbanded a unit specializing in non-dom tax policy weeks before announcing the significant changes, raising concerns about the government's preparedness.
The Telegraph 
The Guardian 