Latest News For Business

Chancellor 'considering scrapping non-dom tax rules' in Spring Budget

04 Mar 2024

Chancellor Jeremy Hunt is reportedly considering scrapping the non-dom tax status in the upcoming Spring Budget.

According to reports, the Chancellor is exploring a range of options designed to reduce spending or increase the amounts held in government coffers to then be able to afford personal tax cuts.

Research carried out by Warwick University and the London School of Economics (LSE) found that scrapping the non-dom tax status could generate £3.6 billion. According to HMRC statistics, as of 2022 there were 68,800 non-dom taxpayers in the UK.

Reports suggest the Chancellor has not yet committed to removing the non-dom tax status, and is awaiting additional information from the Office for Budget Responsibility (OBR) in regard to the issue.

Shadow Chancellor Rachel Reeves previously stated that abolishing the non-dom tax break in full would raise at least £3 billion per year. 

Sign up and stay informed