At the spring Budget, the chancellor, Jeremy Hunt, announced plans to abolish the current system for taxing non domiciled wealthy foreigners living in the UK, which allows them to pay tax on their UK earnings only.
Instead, he said, this would be replaced with a "modern, simpler and fairer residency-based system", with the resulting £2.7bn a year raised from scrapping the special status to be put towards tax cuts. Under the new system, anyone who had been a tax resident in the UK for more than four years would have to pay tax on their foreign income and other gains.
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