The new Foreign Income and Gains (FIG) regime comes into effect from 6 April 2025 which has been overshadowed by all the discussion on the abolition of the ‘non-dom’ regime. We should be spotlighting the FIG regime which is attractive for new arrivals to the UK given its simplicity and straightforward qualifying conditions.
In order to qualify for the FIG regime an individual cannot have been UK resident in any of the past 10 tax years. This includes British people who have been living overseas who want to return to the UK – they are the real winners of this new regime. Residence is taken from the Statutory Residence Test and an individual’s domicile is no longer relevant to UK arrivals.
The FIG regime lasts for four tax years and exempts most non-UK income and capital gains from UK tax even if the funds are brought to the UK...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
The new Foreign Income and Gains (FIG) regime comes into effect from 6 April 2025 which has been overshadowed by all the discussion on the abolition of the ‘non-dom’ regime. We should be spotlighting the FIG regime which is attractive for new arrivals to the UK given its simplicity and straightforward qualifying conditions.
In order to qualify for the FIG regime an individual cannot have been UK resident in any of the past 10 tax years. This includes British people who have been living overseas who want to return to the UK – they are the real winners of this new regime. Residence is taken from the Statutory Residence Test and an individual’s domicile is no longer relevant to UK arrivals.
The FIG regime lasts for four tax years and exempts most non-UK income and capital gains from UK tax even if the funds are brought to the UK...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
