Chancellor Rachel Reeves has indicated the Labour Government will be making an U-turn on one of her controversial tax decisions which was announced during the Autumn Budget.
Specifically, Reeves has asserted she is open to relaxing the rules impacting the “non dom community” in a move to stop wealthy taxpayers fleeing the UK while appearing at the World Economic Forum in Davos earlier today.
Under the current HM Revenue and Customs (HMRC) regime, non-doms are able to avoid pauing UK tax on their overseas earnings in exchange for frees for up to 15 years.
Non-domiciled individuals are usually wealthy people who live in the country but are not legally domiciled, providing them with certain tax advantages.
During her fiscal statement in October 2024, the Chancellor announced plans to replace current rules with a shorter residence-based regime from April 2025.
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The Chancellor is making a shocking U-turn on one of her more controversial tax proposals
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