Hunt's Plan To Replace Nondom Status Leaves A £430m Tax Loophole, Claims Labour
The Independent|April 04, 2024
The government’s plans to abolish the special non-dom tax status leave open a loophole worth more than £400m, Labour has claimed.
DAVID LYNCH
Hunt's Plan To Replace Nondom Status Leaves A £430m Tax Loophole, Claims Labour

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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