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By Henri PRIJOT, Tax Partner and Sacha THILL, Tax Partner, KPMG Luxembourg *
In March 2024, the UK Chancellor, Jeremy Hunt, announced his decision to abolish the current “remittance basis” of taxation for UK resident non-domiciled individuals (often referred to as “non-doms”). Under the current regime, non-doms’ foreign income and gains (FIG) are exempted from UK taxation unless remitted to the UK for up to 15 years.
According to UK governmental sources,(1) there were around 78,700 non-doms in the UK in July 2023. Therefore, abolishing the non-dom regime would bring in an extra £3.2 billion of tax revenue per year, should non-doms have to pay taxes on their worldwide FIG.
The obvious question is how this could affect the...
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