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Farewell to the UK Resident Non-Dom Tax Regime
- 26 April 2025
- 5 MIN READ
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The UK tax regime is seeing a major shift in key rules around non-UK domiciled individuals (“non-doms”). These changes are likely to have a significant impact on the inheritance tax positions of non-doms as well as UK domiciled individuals who have spent time outside of the UK. We explore the implications of these changes on wealth plans.
Key takeaways
01
"Non-dom" describes a UK resident, irrespective of nationality, whose permanent domicile for tax purposes is outside the UK. A non-dom, as per the tax regime being phased out, pays tax in the UK on the money he or she earns in the UK or receives in a UK bank account, and is not taxed on income earned elsewhere.
02
This article summarises the key changes in this non-dom tax regime, and the implications of inheritance tax. Wealth migration of UHNIs out of UK is an emerging theme.
03
Planning for this change in tax landscape is crucial. This must be done sooner rather than later.
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