The Impact of Abolition of Non-Dom Tax Status in the UK Budget 2024

The term 'Non-Dom Tax Status' refers to a distinctive feature of the United Kingdom's tax system, which has historically allowed certain individuals who reside in the UK—known as 'non-domiciled' residents—to benefit from a favorable tax treatment on their foreign income. Domicile, in this context, is a concept separate from residency, relating to where a person has their permanent home or substantial connection. To be considered non-domiciled, an individual must demonstrate that their domicile, or long-term home, is outside of the UK, often by inheritance orThe term 'Non-Dom Tax Status' refers to a distinctive feature of the United Kingdom's tax system, which has historically allowed certain individuals who reside in the UK—known as 'non-domiciled' residents—to benefit from a favorable tax treatment on their foreign income. Domicile, in this context, is a concept separate from residency, relating to where a person has their permanent home or substantial connection. To be considered non-domiciled, an individual must demonstrate that their domicile, or long-term home, is outside of the UK, often by inheritance or through an intention to return to their country of origin eventually.