The UK is set to overhaul its tax regime, abolishing the long-standing non-domiciled status and implementing a residence-based taxation system from 6 April 2025.
This change means that South African expats who moved to the UK before 6 April 2022 will soon be subject to UK tax on their worldwide income and assets. This includes properties, shares, retirement funds and even trusts in South Africa.
Getting advice and restructuring their South African financial affairs early in the new year is crucial to avoid double taxation and protecting wealth.
Understanding the changes
For over 200 years, the UK's non-domiciled tax regime offered a unique advantage to South Africans in the UK.
Previously, expats could keep foreign earnings and assets outside the UK tax net, provided those funds were not brought into the country. However, the recent policy shift signals a broader global trend towards reduced avoidance.
The new rules will effectively treat South African expats as if they were UK-born residents, significantly expanding their tax obligations.
هذه القصة مأخوذة من طبعة January 02, 2025 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة January 02, 2025 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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