2024 Autumn Budget Overview

The 2024 Autumn Budget delivered by the Chancellor introduced significant reforms impacting offshore tax planning, particularly for non-UK domiciled individuals. This article outlines the major changes to residency and domicile tax regulations, how they affect non-doms, and the Treasury’s broader efforts to reform offshore anti-avoidance measures.

Key Changes to Non-Domicile and Residence-Based Taxation

Starting from April 2025, the remittance basis will be abolished. Instead, a new residence-based regime will offer a four-year foreign income and gains (FIG) relief, simplifying tax obligations while aligning with international standards.

This new approach restricts tax deferral strategies previously available to long-term UK residents.