Spring Budget 2024: The Non-UK Domiciled Individuals Policy
- Omar Aswat
- Apr 1, 2024
- 2 min read
Are you a non-UK domiciled individual (non-dom) or advising one? The Spring Budget 2024 introduces significant changes to the non-dom tax regime, effective from April 2025.
Read our guide below to find out what these changes mean for you!
Table of Contents
What Are the Main Changes to the Non-Dom Regime outlined in the Spring Budget 2024?
From April 2025, non-doms who are new UK residents will benefit from UK tax relief on foreign income for their first four years. After this period, they will need to pay UK tax on worldwide income and gains, aligning with the treatment of UK residents.
There are also important transitional arrangements and new rules for non-resident trusts, as well as temporary tax reductions for certain non-doms.
Who Will Be Affected from the Spring Budget 2024 Non-Dom Tax Changes?
New UK Arrivals: Special tax relief during the initial years of residence.
Current Non-Doms: Transitional measures to ease the shift to the new regime.
Non-Resident Trusts: Changes to how foreign income and gains are treated.
Need Tailored Tax Advice?
If you're unsure how the new rules will affect your situation, we’re here to help.
📧 Email us:omar@aswatax.co.uk 🌐 Visit:aswatax.co.uk 📲 Book a Free Consultation:15-Minute Introductory Chat
Stay Informed and Get Ahead
The Spring Budget 2024 brings changes that could impact your tax planning. Download our guide to make informed decisions and take advantage of available reliefs.
Meet Omar Omar is a Chartered Tax Advisor (a.k.a an expert on tax issues) and founder of ASWATAX. He regularly shares his knowledge and best advice here in his blog and on other channels such as LinkedIn. Book a call today to learn more about what Omar and ASWATAX can do for you.
*Disclaimer: ASWATAX is a firm of Chartered Tax Advisors, and we strive to provide accurate, up-to-date tax insights. Tax laws may change, so this content is for general guidance only and not a substitute for professional advice. Seek independent tax and legal counsel before making decisions. ASWATAX is not liable for any loss from reliance on this information. Use at your own risk.
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