In a bold but not entirely unexpected move, last week’s Budget saw Jeremy Hunt steal Labour’s thunder by announcing new tax rules for wealthy non-doms.

The Chancellor proposes to replace the non-UK domicile tax rules with a new residence-based regime to be introduced from 6 April 2025. The Treasury estimates that in 2025/26, this will raise £185m for the taxpayer.

What was announced

The new four-year foreign income and gains (FIG) regime will apply to individuals who become UK resident, following a 10-year period of non-UK residence.