Chancellor Rachel Reeves announced plans to amend the finance bill concerning tax rules for non-domiciled residents following significant pressure from wealthy UK citizens. The current system allows non-doms to avoid UK taxes on foreign income for up to 15 years. The upcoming changes will implement a shorter residence-based tax regime starting in April, responding to concerns about maintaining the UK's attractiveness for business and investment. Key government officials at Davos emphasized the importance of growth and indicated ongoing open dialogue with the business community regarding tax strategy.
We have been listening to the concerns that have been raised by the non-dom community, the chancellor told the Wall Street Journal editor-in-chief, Emma Tucker.
The current regime allows these non-doms to avoid paying UK tax on their overseas earnings in exchange for fees for up to 15 years.
A Treasury source said: We're always interested in hearing ideas for making our tax regime more attractive to talented entrepreneurs and business leaders from around the world.
The business secretary confirmed the planned change, saying: Of course, when you're changing a tax regime, people will want to know, and there'll be some uncertainty there.
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