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Navigating Tax Changes for Non-Doms: Key Insights and Future Implications
Manage episode 420951959 series 3577085
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Welcome to Borderless, the global mobility podcast, where we delve into immigration, tax, employment law, and HR. In this episode, Simon Kenny, immigration partner at Spencer West Solicitors, is joined by his colleague Bina Ghayadian to discuss significant changes announced in the UK budget on March 6th regarding the tax treatment of non-domiciled (non-dom) individuals. They confidently explore the concept of domicile, its implications on taxation, and the distinction between domicile and residency, emphasizing how these factors affect tax liabilities, especially under the current remittance basis system.
Bina discusses the upcoming changes for April 2025, where the focus will shift from domicile to residency for tax purposes, introducing a new regime that taxes foreign income and gains for the first four years of UK residence. They also provide practical advice for those affected, including segregating accounts and reviewing trust arrangements before the new rules take effect. Simon and Bina stress the importance of staying informed as further legislative details emerge, anticipating an evolving landscape in global mobility.
To work with Simon, please visit our site: https://www.simonkenny.org/
Key Takeaways:
- Understanding Domicile and Residency: Domicile is important for tax obligations in the UK, especially under the remittance basis system.
- Upcoming Tax Changes for Non-Doms: The UK budget announced tax reforms for non-domiciled individuals, effective from April 2025. The new regime focuses on residency rather than domicile, applying a foreign income and gains regime for the first four years of UK residence.
- Implications of the New Tax Regime: The changes aim to simplify the tax system by moving away from domicile considerations. Non-doms won't be taxed on foreign income and gains for the first four years of their UK residency but will be fully taxed on worldwide income and gains thereafter.
Quotes:
"With the upcoming shift from domicile to residency for tax purposes, it's crucial for non-domiciled individuals to stay informed and proactive in their financial planning to navigate these changes effectively." - Bina Ghayadian, Spencer West Solicitors
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