Non-dom status
Major changes ahead
It has been the Labour Party’s long-standing intention to abolish non-domicile (‘non-dom’) status for tax purposes. Conservative Chancellor Jeremy Hunt, in the March 2024 Budget, took up this idea and announced that the rules would undergo fundamental reform from 6 April 2025. Unsurprisingly, Rachel Reeves has confirmed that this will still go ahead, albeit with a few tweaks to what the conservative government had announced and a tougher set of provisions to deal with offshore trust structures.
In this guide we will explain:
- the current rules for non-doms;
- how the rules are changing (including differences from what the Conservatives proposed)’ and
- various transitional rules that will apply
It is essential that anyone who may be affected by the proposals get specialist advice, as the taxation of non-doms is a notoriously complex area.
