The UK government is planning to soften some of the planned changes to its controversial non-dom tax rule following concerns about a potential exodus of millionaires. Finance Minister Rachel Reeves announced the government will introduce an amendment to the Finance Bill, making the temporary repatriation facility more generous.
The UK government is softening some planned changes to its controversial non-domiciled tax rule following concerns about a potential exodus of millionaires. Finance Minister Rachel Reeves confirmed the move, saying the government would introduce an amendment to the Finance Bill after listening to the concerns of the non-dom community. The changes come as new data estimates that 10,800 millionaires left the UK last year amid a clampdown on the ultra-wealthy in the October budget.
\The UK's 200-year-old non-dom regime allows people living in the country but who are domiciled elsewhere for tax purposes to avoid paying taxes on overseas income and capital gains earnings for up to 15 years. However, the regime has long been controversial, leading to Finance Minister Rachel Reeves announcing in October that it would be abolished from April 2025. All long-term residents would then be subject to inheritance tax on their worldwide assets, including those held in trust. \Speaking at a fringe event at the World Economic Forum in Davos, Reeves said the government would soon introduce an amendment to the Finance Bill, making the temporary repatriation facility, which allows non-doms to bring money to the UK without paying significant taxes, more generous. She reassured wealthy overseas investors that the changes would not affect double-taxation agreements between the UK and other countries, including India. \In a statement to CNBC confirming the plans, a Treasury spokesperson said the tweaks were designed to encourage non-doms to bring their funds to the UK, spending and investing them here. The spokesperson added that while the changes are not expected to impact the £33.8 billion of tax revenue the Office for Budget Responsibility (OBR) forecast to raise over five years, they reflect the government's continued engagement with stakeholders to ensure the reforms operate as intended. The government's October clampdown on non-doms formed part of wider measures aimed at the upper echelons, with new levies placed on private equity bosses, private schools, second homes and private jets. An estimated 10,800 millionaires left the UK last year, according to updated figures from global analytics firm New World Wealth and investment migration advisers Henley & Partners, a 157% increase on 2023
UK Non-Dom Tax Millionaire Exodus Rachel Reeves Finance Bill Double Taxation Agreements Inheritance Tax Treasury
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FastBull Finance Summit to Bring Together Global Finance Leaders at Coca-Cola ArenaThe FastBull Finance Summit, a premier event focusing on global finance, will take place at the Coca-Cola Arena. Jim Rogers will deliver a keynote address, and numerous industry experts and KOLs will discuss market trends, innovative thinking, and cutting-edge strategies.
Read more »
Allen Clarifies Conversation with Referee After Controversial Non-CallAfter a clip of Bills quarterback Josh Allen seemingly receiving an apology from referee Bill Vinovich for a missed defensive pass interference call went viral, Allen clarified the situation, stating that he was simply told to 'don't be yelling' after expressing his frustration.
Read more »
Stacey Abrams' Campaign Financed by Non-Profit in Violation of Campaign Finance LawGeorgia Representative Stacey Abrams' 2018 gubernatorial campaign received undisclosed financial support from the New Georgia Project, leading to a $300,000 fine. The groups admitted to violating campaign finance laws by failing to disclose spending on canvassers and flyers.
Read more »
Controversial Non-Call Marrs Mavericks' Victory Over PelicansThe Dallas Mavericks edged out the New Orleans Pelicans in a tight game, but a disputed goaltend call in the final seconds left the Pelicans questioning the outcome.
Read more »
USD/CAD Soften as Trump Postpones TariffsThe USD/CAD pair weakens to around 1.4300 as traders await details on President Trump's economic plans. Bloomberg reports Trump will not immediately announce tariffs but will study trade policy with key partners. The Bank of Canada's latest survey suggests Canadian businesses are optimistic about sales, but concerned about Trump's trade policies. Oil prices also continue to fall, which could weigh on the CAD.
Read more »
Why 2025 Will Be a Year of M&A in DeFiRecent M&A activity suggests we’re entering an era where finance is finally a unified ecosystem combining traditional and decentralized finance, says Mona El Isa, co-founder of Enzyme Finance.
Read more »