Non doms: what the tax changes mean for HNWI

Elliot Lewis, head of private client at law firm Thackray Williams explains why the non dom changes call for an increased level of cooperation between accountants and private lawyers, despite the chancellor’s Davos tweaks

The changes to non-dom tax rules coming into effect on 6 April 2025 have drawn attention from around the world, with the chancellor Rachel Reeves forced to announce some concessions at the World Economic Forum in Davos last week in response to concerns about a millionaire exodus from Britain.

The concept of domicile, which has underpinned where an individual has their closest association, and therefore determines what assets on death are taxed for UK inheritance tax (IHT), will disappear.

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