Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Labour government presses ahead with non-dom tax reforms

by July 30, 2024
July 30, 2024
Labour government presses ahead with non-dom tax reforms

Non-doms hoping for changes or delays to the new Labour Government’s reforms will be disappointed by the HM Treasury policy paper released yesterday, according to leading audit, tax, and business advisory firm Blick Rothenberg.

Nimesh Shah, CEO of Blick Rothenberg, stated: “Non-doms holding out for changes or a delay to the original Conservative Government proposals will be disappointed, as the reforms will be largely the same as announced by Jeremy Hunt in his last Spring Budget as Chancellor.”

Shah added: “The new Government has committed to implementing the 4-year Foreign Income and Gains (FIG) regime from 6 April 2025, and there is clear intent to progress that change as soon as possible.”

The policy paper has curtailed some of the original transitional provisions for the move to the FIG regime. This includes removing the first-year discount on foreign income, suggesting an increase to the tax rate for the temporary repatriation facility, and confirming the removal of the inheritance tax exemption for trusts. Shah indicated, “There is a clear signal that this Labour Government wants an end to the non-dom regime.”

Many non-doms have been critical of the proposals, with reports suggesting that they are considering relocating to countries like Italy, the UAE, and Switzerland, which offer tax breaks. The confirmation that the Labour Government is pressing ahead with its plans is likely to reinforce and, in some cases, accelerate plans to leave the UK.

Shah noted, “In some ways, it is helpful that the new Government has clarified their position and a line has been drawn. Although the final details of the rules will not be known until the Autumn Budget on 30 October 2024, we shouldn’t expect any reversals given the clear tone in the policy document.”

Read more:
Labour government presses ahead with non-dom tax reforms

0
FacebookTwitterGoogle +Pinterest
previous post
12 Graphs on Why Maduro Could Only “Win” by Stealing Venezuela’s Election
next post
Best Bitcoin Casinos in New Zealand: Top NZ Gambling Sites that Accept BTC

You may also like

Jeremy Hunt Hints at October General Election

March 20, 2024

Jaguar Land Rover Boosts EV Mechanic Training to...

May 30, 2024

AI Tools Enhance Productivity Without Reducing Jobs, Say...

November 22, 2024

UK power prices hit record high amid cold...

December 12, 2022

Bank of England cuts interest rates to 4.25%...

May 8, 2025

Boost Your Business Growth: A Comprehensive Guide on...

June 23, 2023

UK house prices fall at sharpest pace in...

November 7, 2022

Trustpilot Removed 3.3 Million Fake Reviews in 2023...

May 24, 2024

Bitcoin climbs above $109,000 on hopes of pro-crypto...

January 20, 2025

HMRC blasted for taking over THREE years to...

August 11, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Don’t Give Big Businesses Immunity from Litigation

      June 27, 2025
    • Unmasking Medicaid Money-Laundering Schemes: Medicaid Financing Gimmicks 101

      June 27, 2025
    • Top moments from the Trump-Biden debate that changed the course of the 2024 election

      June 27, 2025
    • Trump exerted ‘maximum pressure’ on Iran and Israel to ‘deliver peace’: Leavitt

      June 27, 2025
    • Iranian foreign minister reiterates ‘serious damage’ to nuclear facilities, despite ayatollah’s comments

      June 27, 2025
    • Maybe Most People Do Not Want Teacher-Led Public School Prayer—But They Do Want Chaplains

      June 27, 2025

    Categories

    • Business (8,329)
    • Investing (2,077)
    • Politics (15,829)
    • Stocks (3,173)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved