What does non-dom mean and how are the rules changing?

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What does non-dom mean and how are the rules changing?

Labour revealed plans to scrap the non-dom regime in April 2022.

In March 2024, the-then ************* chancellor Jeremy Hunt announced that the non-dom tax regime would be phased out.

Under Mr Hunt’s plans, people who moved to the *** from April 2025 would not have to pay tax on money they earned overseas for the first four years.

After that *******, if they continued to live in the ***, they would pay the same tax as everyone else.

Those people who currently have nom-dom status would be allowed a two-year transition *******, during which they would be encouraged to bring their foreign wealth into the *** system.

The former chancellor said getting rid of the non-dom status would raise £2.7bn a year by 2028/29.

Labour has pledged to strengthen these planned reforms.

It said it would remove a 50% discount in the first year of the new rules and include foreign assets held in a trust within the *** inheritance tax framework.

The new Chancellor Rachel Reeves said Labour’s changes could raise £2.6bn over the course of the next Parliament.

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