What does non-dom mean and how are the rules changing?

Published On Apr 8, 2015, 6:25 AM

The UK Chancellor Rachel Reeves announced in her first Budget that the government will abolish non-domiciled (non-dom) tax status starting from April 2025. This reform will subject UK residents to tax on their worldwide earnings, instead of just UK income, which is expected to raise an estimated £12.7 billion over five years. Current non-doms will have a three-year transition to adapt to these changes. This move aims to increase tax contributions from wealthy individuals living in the UK.