End of UK’s Non-Dom Tax Break Unsettles Wealthiest Residents
- Chancellor’s overhaul will tax UK residents’ overseas income
- Adviser to rich says Tories ‘willing to throw them under bus’
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The UK is overhauling its system of preferential tax treatment for wealthy foreigners, creating revenue for the government to spend on British voters at the expense of agitating some of the nation’s richest residents.
Chancellor of the Exchequer Jeremy Hunt said in his Budget speech Wednesday that the “non-domicile” status would be abolished after more than two centuries, with a new tax system based on where people live taking effect from April 2025.