United Kingdom Treasury Updates Policy Paper Clarifying Changes to Taxation of Non-Domiciled Residents

The United Kingdom HM Treasury April 23 updated the policy paper clarifying changes to the taxation of non-domiciled individuals resident in the U.K. and nonresidents that move to the U.K., effective April 6, 2025. The update includes: 1) replacement of the remittance basis taxation regime with a 4-year foreign income and gains (FIG) regime for individuals who become a tax resident after 10 tax years of being a nonresident; 2) a tax exemption for qualifying individuals on FIG arising in the first four tax years after becoming a tax resident; 3) simplification of Overseas Workday Relief (OWR) for the first ...