Wealthy foreigners have expressed anger and “dismay” at chancellor Jeremy Hunt’s decision to abolish the colonial era “non-dom” regime that allowed them to avoid paying tax on overseas income.
The system, which dates back more than 200 years, allows people with their permanent home or “domicile” overseas to avoid paying UK tax on their foreign income and gains for up to 15 years provided they do not bring income or capital gains back into the country.
In Wednesday’s Budget, Hunt announced the abolition of the regime, cutting the amount of time that people can benefit from the perks of the status from 15 years to four.
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