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Navigating the FIG Regime: Essential Insights on the UK’s Latest Non-Dom Tax Changes

On 30 October 2024, the Chancellor, Rachel Reeves, announced major changes to the tax rules for UK-resident, non-UK domiciled individuals, often known as “non-doms”. These changes will affect how non-doms are taxed on foreign income and gains, marking a shift in the way the UK handles cross-border income. Here, I’ll break down these new tax rules in straightforward terms, with a focus on the Foreign Income and Gains (FIG) Regime and what it means for you.

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Coming Home: 10 Financial Steps for Expats Returning to the UK

I have been living outside the UK for 23 years. I rarely get homesick. But last weekend it hit me hard. While I’m not packing my bags just yet, I realise that many expats eventually do. Thinking of returning to the UK? Prepare yourself to face a unique set of financial challenges and opportunities. It is always best to start planning as early as possible. Here are 10 financial action points to get you started.

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How is UK residency determined?

UK residency is determined based on a combination of factors and the application of the Statutory Residence Test (SRT). Here is an explanation of how it works.

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What should I do with my offshore investments when returning to the UK?

When it comes to preparing your offshore investments for a return to the UK, the most important thing is to ensure you start planning as early as possible. Most tax specialists recommend that you should ideally give yourself at least a full UK tax year between deciding to move home and actually making the move. Aside from the obvious reason of being well prepared, the reason for starting the planning so far in advance is that things rarely run smoothly.

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The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by AES to be reliable and AES has reasonable grounds to believe that all factual information herein is true as at the date of issue. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. AES accepts no responsibility for loss arising from the use of the information contained herein.

 

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RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful.

 

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