UK competitiveness on the world stage. Rosie Todd & Kerry Garcia assess the post-non-dom regime
- Looks at the impact of the 6 April tax overhaul on the UK’s attractiveness to the globally wealthy.
- Outlines potential UK tax and immigration reforms to improve the UK’s competitiveness on the global stage.
With the headlines full of doom and gloom about the economic outlook, the government has a seemingly herculean task ahead of them to make the UK an attractive place for the globally wealthy. There are, undisputedly, some pull factors for those making the move here. However, certain changes to the immigration rules and processes and a more advantageous tax regime would certainly improve matters, thus preventing a potential exodus of wealthy families to other countries.
What used to be
From a tax perspective, the rules applying to non-UK domiciled individuals (the non-dom regime) had, and will continue to have (until 5 April 2025), a number of benefits. In broad terms, non-doms could keep their non-UK income and gains out of the UK tax net provided
