Chancellor Rachel Reeves is reviewing Labour's approach to the non-domiciled tax regime because of growing concerns about wealthy individuals departing the UK. The proposed changes, effective April 2025, would impose a 40% inheritance tax on worldwide assets of deemed domiciled non-doms. With over 4,400 company directors leaving the UK in a year and notable high-profile exits, the government may implement revisions to mitigate the potential mass exodus of capital and talent.
Chancellor Rachel Reeves is considering changes to Labour's plans to scrap the non-domiciled tax regime due to concerns over the exodus of wealthy individuals from the UK.
The Treasury is reassessing the implications of applying inheritance tax to global estates of non-doms after warnings about significant capital and talent leaving the country.
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