Spring Budget 24: Hunt abolishes the non-dom tax status

'Those with the broadest shoulders’ should pay

Chancellor Jeremy Hunt is scrapping the tax benefitting individuals who are non-domiciled in the UK, labelling it an “outdated” policy.

Delivering the Spring Budget today (6 March), Hunt said "those with the broadest shoulders" should carry more load. As an alternative, the chancellor unveiled plans for a "simpler, fairer, residency-based scheme" which will see those who arrive in the UK after April 2025 exempt from tax for only four years. Spring Budget 24: Treasury confirms regulation of ESG ratings After that, individuals will pay the same tax as other UK residents. Hunt confirmed a two-year transition period for those already under the current system, in which time they will be encouraged to bring their wealth ...