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By Henri PRIJOT, Tax Partner and Sacha THILL, Tax Partner, KPMG Luxembourg *
Article publié ce jour dans notre mensuel de Juin 2024
In March 2024, the UK Chancellor, Jeremy Hunt, announced his decision to abolish the current “remittance basis” of taxation for UK resident non-domiciled individuals (often referred to as “non-doms”). Under the current regime, non-doms’ foreign income and gains (FIG) are exempted from UK taxation unless remitted to the UK for up to 15 years.
According to UK governmental sources,(1) there were around 78,700 non-doms in the UK in July 2023. Therefore, abolishing the non-dom regime would bring in an extra £3.2 billion of tax...
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