Non doms and 'debunking' the temporary repatriation facility

Non doms and 'debunking' the temporary repatriation facility

In the Autumn Budget, the UK chancellor confirmed that the non-dom remittance basis will be brought to end on 5 April 2025 and a new regime will be introduced to replace it, says RSM’s Rachel de Souza in a briefing note.  As a reminder, under the remittance basis, qualifying taxpayers were not taxed on foreign income and gains as long as the funds remained offshore. The remittance basis disincentivises taxpayers from spending foreign funds in th…

Non-dom tax changes set to be softened following Government rethink

Chancellor Rachel Reeves’ comments at Davos have got tongues wagging in the non-dom community and in the tax sector. Speaking at the World Economic Forum in Switzerland last week, Ms Reeves revealed changes would be made to upcoming legislation to increase the generosity of a facility to help non-UK domiciled people repatriate their funds to the UK. She told an event hosted by the Wall Street Journal: “We have been listening to the concerns that…