Navigating the UK's 2024 non-dom tax changes: insights for Middle Eastern clients

Our recent article summarises the likely impact of the UK Spring Budget 2024 on the UK non-domiciled (non-dom) tax regime for clients from the Middle East. The main UK tax points to note include:

1. UK remittance basis: transitioning from the remittance basis to a four-year 100% tax relief for new residents could influence UK relocation decisions, particularly with Dubai's appeal.
2. Trust planning: for certain clients who will relocate to the UK, settling non-UK assets into a trust before April 2025 could present a tax planning opportunity for UK inheritance tax.
3. Inheritance tax scope: the changes could result in clients being subject to UK inheritance tax for a long time period (10 years) following their period of residence in the UK.
4. UK residential property: apart from some smaller property tax changes, there have been no significant tax changes announced to impact owning UK residential property. 

These changes highlight the need for strategic planning and professional advice regarding UK residency intentions. To read more, see the full article here. For detailed assistance tailored to your circumstances, please contact Ronald Graham or Josh Eaton directly.