UK non-dom regime will be abolished

[Don]

Proposed reforms to the 'non-dom' regime following the March 2024 budget

Stephen Pallister and Hannah Hughes, partners at Wiggins Osborne Fullerlove, outline the impact of the recent budget on the taxation of the income of non-domiciled individuals.

www.lawsociety.org.uk

Looks like non-domiciled tax regime is over in UK: on 6 March 2024, chancellor Jeremy Hunt delivered his budget speech and secured his place in the tax history books by announcing the government would bring to an end the 'non-dom' tax regime.

 

[Marzio]

secured his place in the tax history books

That's for sure, for the stupidest move ever!

 

[Martin Everson]

Yes we discussed this in the other thread below.

UK Tories explore scrapping non-dom tax status

https://www.bbc.co.uk/news/uk-politics-68432487

www.offshorecorptalk.com

 

[BeyondBorders]

Suicide. Unbelievable. Most non-doms in my circle of acquaintances, however, have already turned their backs on the UK in recent years. The country is not what it used to be.

Guess Dubai will strike again as winner.

 

[Martin Everson]

Guess Dubai will strike again as winner.

Sadly this is true. It is delusion on behalf of British government to believe they have a lifestyle, weather and a general tax environment so good that non-doms will not leave and will choose to stay. People could so easily bugger of to Singapore, Monaco and not just Dubai. Although UAE is the easiest to relocate to quickly before April 2025.

 

[ActionMan]

I'm genuinely puzzled by the UK's appeal. The weather is as unpredictable as a roulette wheel, terrible attitude towards creative investments and innovative ideas, giving off a strong '90s vibe, The market's been on a roller coaster, especially after the stupidexit, and above all the terrible tax system (multiplied by the abolishment of the non-dom system) and the labyrinthine dealings with HMRC.

Sure, some members here might advocate for the UK LLP as the holy grail of offshore Companies, but when you stack it against counterparts like the US LLC or even the lesser-known Ontario LP/LLP, it really doesn't hold a candle.

 

[JackAlabama]

Looking at the uk, one must really wonder what they are doing right now. Its not just one weird policy at a time, its seemingly everywhere even in the crypto other investment field.
I can only see a suicide mission. They could have easily stayed in the eu. Its hard to see the eu doing worse policy than todays Uk.

 

[Sols]

The UK is still riding on what industry is left and on London being a financial and business hub, which is a status that hasn't faded quite as fast as feared.

Even the average Brit used to be wealthy compared to their mainland counterparts. That delta is shrinking.

The future of UK shines less brightly every step towards mediocrity and shortsightedness it takes.

Doing away with non-dom is probably not that big of a deal on a macro economic level, at least short term. The people who leave are people who weren't paying much tax anyway, so that's a negligible difference. The problem is the ripple effects of that.

 

[wellington]

Looking at the uk, one must really wonder what they are doing right now. Its not just one weird policy at a time, its seemingly everywhere even in the crypto other investment field.
I can only see a suicide mission. They could have easily stayed in the eu. Its hard to see the eu doing worse policy than todays Uk.

UK is a vassal for the US - previously the Goverment would have the balls to take on wall street and claim Finacial hub status back via crypto.

However the Government are going mad for AML and unexplained wealth orders etc at the behest of the US.

I see this in the GFC with RBS and left (completely) after where UK was bailing out Icelandic, Irish banks and UK banks with ties to the US from that point treasury underwrites the losses for BOE but the UK has to follow the US lead.

It’s basically a vassal state, a mouth piece for Washington also.

When you come to terms with that your nostalgia is all that remains for the country is gone until there’s a revolution in the UK or the US.

With Brexit in mind and the collapse of the EU a forgone conclusion - you are left with a further ingrained vassal position for the UK, the unofficial 51st state.

 

[Konstanz]

Everything started with Brexit. London is just loosing it's financial hub status in Europe year by year.
Other countries will take non-doms, other countries take crypto companies, EMIs etc

 

[manukahoney]

Ireland has a proper non-dom, has a clear crypto regulation and is an hour flight to London.
However my fellow Brits are relocating to Dubai in flocks, DIFC is like a mix of City and Shoreditch nowadays.

 

[Radko]

If I'm not mistaken, starting April 2025 people will be able to relocate in the UK and not pay taxes during the first 4 years, and no taxes on funds remitted.

 

[manukahoney]

If I'm not mistaken, starting April 2025 people will be able to relocate in the UK and not pay taxes during the first 4 years, and no taxes on funds remitted.

Unless new Labour government abolishes it completely, which was their promise al along.

 

[Martin Everson]

If I'm not mistaken, starting April 2025 people will be able to relocate in the UK and not pay taxes during the first 4 years, and no taxes on funds remitted.

Correct. For some that will be the first and last happiest 4 years of their financial life as they walk head first into a long term tax trap.

United Kingdom: Budget 2024 - Abolition of non-dom regime and introduction of new residence regime

On 6 March 2024, the Chancellor of the Exchequer delivered his Spring Budget. This contained a number of significant tax changes relevant to our clients, including changes to the way in which UK ta...

insightplus.bakermckenzie.com

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"It should be noted that the Conservative Government are currently trailing Labour in all reputable polls. It is therefore probable that a Labour Government will be elected within the next 12 months and it cannot be ruled out that they may decide to amend these proposals or replace the Conservatives' proposals entirely with their own." - Baker Mckenzie

--- quote end

 

[yngmind]

They clearly want all wealthy people to leave.

It's a falling nation with a crime rate worse than in Africa.

My friends are left. They are just scared for their family. They can easily get stabbed by some random dude who illegally immigrated to the UK.

It's also the country with the highest amount of people with autism. - Autism Rates by Country 2023 - Wisevoter

Check this video -

Those bastards (HMRC) reviewed my letters for about six months and told me they don't have enough employees, so I have to wait.

Managing a UK company is a big headache for me, I can't even close it until the Shitmrc will review my stuff.