With the recent announcement from the Labour Government in relation the individuals domiciled outside of the UK you’ll need to be up to speed, whether you are already non-domiciled or are looking to soon.
Announcement
HM Treasury has recently announced “the government is committed to addressing unfairness in the tax system, so that everyone who is long-term resident in the UK pays their taxes here”. The main aim here is to remove any unfair tax advantages that individuals gain by UK taxpayers who intentionally domical outside of the UK for tax purposes.
What do this actually mean though?
The key aim to is ensure that entrepreneurs and high-net worth individuals who are based in the UK pay the right amount of tax on any earnings, whether the earnings are generated in the UK or overseas.
This is a major policy change and will mean that:
The Government will be removing non-domiciled from the tax system entirely, and instead bringing in a new residence-based system. The system is designed to be internationally competitive and focused on attracting new investment and talents into the UK.
If you are currently non-UK domiciled for tax the proposed changes may have significant impact on our taxes, get in touch with is to find the best solution or for more information.