Minor relaxation to non-dom tax regime changes

The government plans to increase the temporary repatriation facility which enables non-doms to bring money to the UK without paying significant taxes revealed Rachel Reeves speaking at the World Economic Forum in Davos. In addition the chancellor confirmed that the changes to the non-domicile regime will not affect double taxation agreements. These amendments will be made by amendments to the Finance Bill.

James Austen partner at Collyer Bristow said: ‘The main takeaway is that the government seems for the first time to be listening to stakeholders – perhaps shocked into doing so by data proving the widespread departure of non-doms. This had been predicted by tax lawyers and is now being borne out by the government’s own information. It is obvious that to incentivise remaining non-doms to stay in the UK (let alone attract new inward investment) a competitive tax...