Various media outlets have been reporting a potential rethink of the non-dom proposals ahead of the new Government’s first Budget on 30 October 2024 with the Financial Times quoting ‘a government official’ suggesting that while general reform will remain on the table ‘we will be pragmatic not ideological. We won’t press on regardless...’
The Treasury is reported to be concerned that OBR forecasts will reveal that the changes will raise no funds at all for the Exchequer as high net worth individuals decide to vacate the UK in response.
James Austen Partner at Collyer Bristow commented: ‘If the reports on the apparent “U-turn” in the Government’s approach to the taxation of Non-Doms are accurate the Chancellor and her Treasury officials are finally taking seriously what tax lawyers have been saying for months: a punitive tax policy on wealthy internationally-mobile residents –...
