In the first Budget given by a Labour government in 14 years the end of the remittance basis which has existed in the UK tax system since the introduction of income tax by Pitt in 1799 was definitively confirmed. A key question is whether the proposed new foreign income and gains (FIG) regime will be as internationally competitive as the remittance basis despite its flaws has been. And if in turn whether FIG will help drive growth the stated focus of this Budget.
FIG and fairness
From April 2025 the taxation of UK resident individuals will be determined according to their residence and not their domicile. The concept of domicile is the cornerstone of the remittance basis and it has often been considered unfair that accidents of birth determine tax status.
Under current rules a resident non domiciled individual (RND) is able...
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Home >Articles > Autumn Budget 2024: non-doms - the end of an era
Autumn Budget 2024: non-doms - the end of an era
In the first Budget given by a Labour government in 14 years the end of the remittance basis which has existed in the UK tax system since the introduction of income tax by Pitt in 1799 was definitively confirmed. A key question is whether the proposed new foreign income and gains (FIG) regime will be as internationally competitive as the remittance basis despite its flaws has been. And if in turn whether FIG will help drive growth the stated focus of this Budget.
FIG and fairness
From April 2025 the taxation of UK resident individuals will be determined according to their residence and not their domicile. The concept of domicile is the cornerstone of the remittance basis and it has often been considered unfair that accidents of birth determine tax status.
Under current rules a resident non domiciled individual (RND) is able...
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:
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