March 6, 2024

Non-domicile tax status finally scrapped in Spring Budget

In the March 2024 Budget, Chancellor Jeremy Hunt announced that the government will finally scrap the UK's non-domicile tax status. "Non-dom" tax status applies to UK residents who claim on their tax return that their permanent home is abroad. This allows them to store money offshore and not pay tax on it. That's because this offshore wealth is still legally considered UK money, but the non-domicile tax laws mean tax doesn't need to be paid on it.

Over 55,000 members powered the Organise campaign to success and closed a tax loophole that only benefited the super rich. The government finally buckled to the huge public backlash on this issue, in a move that could raise £2.7 billion in tax. Read more on BBC News.