UK non-dom regime will be abolished

[Don]

https://www.lawsociety.org.uk/topic...on-dom-regime-following-the-march-2024-budget
Looks like non-domiciled tax regime is over in UK: on 6 March 2024, chancellor Jeremy Hunt delivered his budget speech and secured his place in the tax history books by announcing the government would bring to an end the 'non-dom' tax regime.

 

[Marzio]

That's for‌ sure, for the stupidest move ever!

 

[Martin Everson]

Yes we discussed this in the other thread below.

https://www.offshorecorptalk.com/th...crapping-non-dom-tax-status.44332/post-295972

 

[BeyondBorders]

Suicide. Unbelievable. Most non-doms in my circle of acquaintances, however, have already turned their backs‌ on the UK in recent years. The country is not what it used to be.‍

Guess Dubai will strike again as winner.

 

[Martin Everson]

Sadly this is‌ true. It is delusion on behalf of British government to believe they have a lifestyle,‍ weather and a general tax environment so good that non-doms will not leave and will⁠ choose to stay. People could so easily bugger of to Singapore, Monaco and not just⁤ Dubai. Although UAE is the easiest to relocate to quickly before April 2025.

 

[ActionMan]

I'm genuinely puzzled by the UK's appeal. The weather is as unpredictable as a roulette‌ wheel, terrible attitude towards creative investments and innovative ideas, giving off a strong '90s vibe,‍ The market's been on a roller coaster, especially after the stupidexit, and above all the⁠ terrible tax system (multiplied by the abolishment of the non-dom system) and the labyrinthine dealings⁤ with HMRC.

Sure, some members here might advocate for the UK LLP as the holy⁣ grail of offshore Companies, but when you stack it against counterparts like the US LLC⁢ or even the lesser-known Ontario LP/LLP, it really doesn't hold a candle.

 

[JackAlabama]

Looking at the uk, one must really wonder what they are doing right now. Its‌ not just one weird policy at a time, its seemingly everywhere even in the crypto‍ other investment field.
I can only see a suicide mission. They could have easily stayed⁠ in the eu. Its hard to see the eu doing worse policy than todays Uk.⁤

 

[Sols]

The UK is still riding on what industry is left and on London being a‌ financial and business hub, which is a status that hasn't faded quite as fast as‍ feared.

Even the average Brit used to be wealthy compared to their mainland counterparts. That⁠ delta is shrinking.

The future of UK shines less brightly every step towards mediocrity and⁤ shortsightedness it takes.

Doing away with non-dom is probably not that big of a deal⁣ on a macro economic level, at least short term. The people who leave are people⁢ who weren't paying much tax anyway, so that's a negligible difference. The problem is the︀ ripple effects of that.

 

[Wellington]

UK is a vassal for the US - previously the⁣ Goverment would have the balls to take on wall street and claim Finacial hub status⁢ back via crypto.

However the Government are going mad for AML and unexplained wealth orders︀ etc at the behest of the US.

I see this in the GFC with RBS︁ and left (completely) after where UK was bailing out Icelandic, Irish banks and UK banks︂ with ties to the US from that point treasury underwrites the losses for BOE but︃ the UK has to follow the US lead.

It’s basically a vassal state, a mouth︄ piece for Washington also.

When you come to terms with that your nostalgia is all︅ that remains for the country is gone until there’s a revolution in the UK or︆ the US.

With Brexit in mind and the collapse of the EU a forgone conclusion︇ - you are left with a further ingrained vassal position for the UK, the unofficial︈ 51st state.

 

[Konstanz]

Everything started with Brexit. London is just loosing it's financial hub status in Europe year‌ by year.
Other countries will take non-doms, other countries take crypto companies, EMIs etc

 

[manukahoney]

Ireland has a proper non-dom, has a clear crypto regulation and is an hour flight‌ to London.
However my fellow Brits are relocating to Dubai in flocks, DIFC is like‍ a mix of City and Shoreditch nowadays.

 

[Radko]

If I'm not mistaken, starting April 2025 people will be able to relocate in the‌ UK and not pay taxes during the first 4 years, and no taxes on funds‍ remitted.

 

[manukahoney]

Unless new Labour government abolishes it completely, which was⁠ their promise al along.

 

[Martin Everson]

Correct. For some that will be the first and⁠ last happiest 4 years of their financial life as they walk head first into a⁤ long term tax trap.

https://insightplus.bakermckenzie.c...the-taxation-of-uk-resident-non-domiciliaries

---- quote start

"It should be noted that the Conservative⁣ Government are currently trailing Labour in all reputable polls. It is therefore probable that a⁢ Labour Government will be elected within the next 12 months and it cannot be ruled︀ out that they may decide to amend these proposals or replace the Conservatives' proposals entirely︁ with their own." - Baker Mckenzie

--- quote end

 

[yngmind]

They clearly want all wealthy people to leave.

It's a falling nation with a crime‌ rate worse than in Africa.

My friends are left. They are just scared for their‍ family. They can easily get stabbed by some random dude who illegally immigrated to the⁠ UK.

It's also the country with the highest amount of people with autism. - Autism Rates by Country 2023 - Wisevoter

Check this video -





Those bastards (HMRC) reviewed my⁤ letters for about six months and told me they don't have enough employees, so I⁣ have to wait.

Managing a UK company is a big headache for me, I can't⁢ even close it until the Shitmrc will review my stuff.

 

[hungryit]

what do you think now ? I don't believe it's loosing⁠ anthing so far.

 

[Martin Everson]

Goldman Sachs chief says Brexit has left London’s financial status “fragile” as banks move to‌ EU cities​

https://www.thelondoneconomic.com/b...us-fragile-as-banks-move-to-eu-cities-395972/

UK Market Exodus: Companies that have moved away from a London listing‍​

https://www.reuters.com/business/re...at-have-moved-away-london-listing-2025-06-05/

Just look at companies that moved their stock listing away from London Stock Exchange⁠ in link above. The UK's decline is a very slow process but it is happening⁤ in real time and has been for many decades. When UK fintechs like Wise etc⁣ move primary listing to US and Revolut does not even want to list in UK⁢ and numerous big companies such as British chip designer ARM etc all choose non-UK listings︀ they don't have any faith in UK financial markets sadly. Even top bankers are leaving︁ UK.

UK is ‘sleepwalking into a long-term economic decline’ by driving away wealth creators​

https://londonlovesbusiness.com/uk-...omic-decline-by-driving-away-wealth-creators/

Best to wait for government to give their numbers of wealthy people that have departeed︂ UK. I read somewhere it is not as many as claimed but who knows.