From Morningstar:

Jeremy Hunt has decided to eliminate the “non-dom” tax status in the latest Budget, creating commotion in British politics. The policy change will be effective in April 2025, after a four-year grace period for those previously eligible. This move has stirred debates about the treatment of the UK’s wealthiest individuals.

The decision came after revelations that Rishi Sunak’s wife, Akshata Murty, benefited from the “non-dom” status in 2022. The Treasury estimates that scrapping this policy will generate significant revenue, with projections of £185 million in 2025/26 and increasing amounts in the following years. However, concerns have been raised about potential consequences such as wealthy individuals leaving the UK.

The Institute for Fiscal Studies has warned that the removal of the “non-dom” status could lead to an exodus of the 37,000 individuals who currently benefit from it. Meanwhile, the Labour Party has criticized the Conservative government for embracing this change, calling it a source of potential embarrassment.



Read more at Morningstar: Budget 2024: ‘Non-Dom’ Status Demolished