An increasing number of American taxpayers are showing interest in relocating to the UK, driven by political uncertainties in the US and the country's attractive stance for high-net-worth individuals. Despite potential deterrents like changes to the non-domiciled tax regime, the new Foreign Income and Gains (FIG) rules, which allow a grace period on non-UK income tax, have enhanced the appeal. With over 300,000 Americans living in the UK, many seek business opportunities and proximity to European markets amidst this shifts in migration trends.
Under the FIG rules, individuals who have not been UK tax residents for at least 10 years can benefit from a four-year grace period in which they are not taxed on non-UK investment income and capital gains.
We’re seeing that the UK is actually becoming more attractive to certain US taxpayers despite initial fears over the closure of the non-domiciled tax regime.
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