Treasury reconsidering Labour's plan for non-dom tax status

Published On Sep 26, 2024, 4:06 PM

The UK Treasury is reconsidering parts of the Labour Party's plan to abolish the non-domicile tax status due to concerns it may not generate the projected £1 billion in revenue. The government fears that wealthy foreigners might leave the UK instead of facing stricter tax laws. Although no specific policy has been finalized, there are discussions about possibly softening or delaying certain tax measures related to trusts and foreign income. Changes in tax policy for non-doms are controversial because they may not guarantee significant revenue if wealthy residents choose to relocate.