The non-dom tax regime has been in force for decades and was last reformed in 2017 when new deemed domicile rules came into force.

The move seems to be political as Labour has been planning to abolish non-dom status if it were to win the general election and come to power.

There are 78,700 non-doms in the UK and the latest HMRC figures showed they paid a record £12.4bn in the 2021-22 tax year. However, it is worth noting that the number of individauls with non-dom status of some kind has fallen from 137,000 in 2008.

Non-doms pay tax on UK source income and gains, but can elect only to be taxed on foreign income and gains if these are ‘remitted’ to the UK under the remittance basis claim.

At present, the claim can be made at no tax cost for the first seven years of UK residence, then at a charge of £30,000 per annum for the next four years, and £60,000 for another two years.