Non-Dom Tax Status Abolished in Jeremy Hunt's 2024 Budget
Chancellor of the Exchequer Announces Scrapping of Special Tax Regime
Emergency Budget Plans Drawn Up to Abolish or Scale Back Non-Domiciled Status
In a significant move, Chancellor of the Exchequer Jeremy Hunt has announced the abolition of the non-domiciled (non-dom) tax status in the 2024 Budget. The non-dom status, which has been in place for decades, allowed individuals with overseas domiciles to avoid paying UK taxes on their foreign incomes.
Hunt stated in his Budget speech on Wednesday that the non-dom status "is not fair, and it is not sustainable." He added that the government was "committed to tackling tax avoidance and evasion in all its forms." The announcement marks a major change in the UK tax regime and is expected to have significant implications for high-net-worth individuals with overseas connections.
The abolition of the non-dom status has been met with mixed reactions. Some have welcomed the move, arguing that it will create a fairer tax system. Others have expressed concerns that it could damage the UK's competitiveness as a financial center.
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