End of UK’s Non-Dom Tax Break Unsettles Wealthiest Residents (1)

The UK is overhauling its system of preferential tax treatment for wealthy foreigners, creating revenue for the government to spend on British voters at the expense of agitating some of the nation’s richest residents.

Chancellor of the Exchequer Jeremy Hunt said in his Budget speech Wednesday that the “non-domicile” status would be abolished after more than two centuries, with a new tax system based on where people live taking effect from April 2025.

WATCH: “From April 25 new arrivals to the UK will not be required to pay any tax on foreign income and gains for their first four years of UK residency,” Hunt said. “But after four years, those who continue to live in the UK will pay the same tax as other UK residents.”

Source: Bloomberg

“After looking at the issue over many months, I have concluded that we can indeed introduce a system which is both fairer and remains competitive with ...