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Baner Club > Blog > Politics > What does the term “non-dom” entail, and what are the new rules?
Politics

What does the term “non-dom” entail, and what are the new rules?

Since the Covid epidemic, there has been a modest increase in the number of people in the UK who have claimed non-dom status.

Last updated: 2024/07/10 at 10:59 AM
Published July 10, 2024
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A little over 74,000 persons claimed non-dom status in 2022–2023 compared to 68,900 in 2021–2022 according to data from HM Revenue & Customs.

To increase funding for the NHS and other public services, the newly elected Labour administration has promised to eliminate the non-dom tax status.

How do you define a non-dom?.
A person who resides in the UK but whose permanent residence, or domicile, is outside the country is referred to as a “non-dom”.

Although these characteristics may have an impact, it is only related to an individual’s tax status and has nothing to do with their citizenship, nationality, or residency status.

A non-dom pays taxes in the UK only on earnings made within the country.

If they transfer money into a UK bank account, they are exempt from paying tax to the UK government on money earned abroad.

If wealthy people decide to relocate to a nation with lower taxes, this offers them a sizable and completely legal savings opportunity.

Akshata Murty, the spouse of former prime minister Rishi Sunak, is among the most well-known non-doms.

She declared that she would begin paying UK tax on her earnings earned outside of the UK when information about her status became public.

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