Summer Budget: Govt scraps permanent non-dom status in £1.5bn clampdown

Chancellor George Osborne has announced new rules to abolish permanent non-domicile status in today's emergency Budget.

The changes, which will come into effect in April 2017, aim to raise £1.5bn.  Non-dom rules have been in place for over 200 years and allow certain UK residents to pay lower levels of tax if their permanent residence is overseas.  But Osborne said today that permanent non-dom status will be scrapped. Those resident in the UK for 15 of the last 20 years will have to pay full UK tax. Osborne added that those who are born in the UK to parents who are domiciled domestically will now not be able to inherit non-dom status. The changes appear to acknowledge the Labour party's election ...