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.
