The Chancellor acted on plans to end the current ‘loophole’ tax regime for non doms with the introduction of inheritance tax on worldwide assets after 10-year period in the UK as a non dom and a system in line with the statutory residence test, replacing the remittance basis of taxation, which is based on domicile status.

From 2025, the system will give arrivals to the UK 100% relief on foreign income and gains (FIG) in the first four years of tax residence. They also should not have been a resident in the UK for any period over the 10 years prior to entering the country.