Jeremy Hunt has axed the UK’s tax breaks for non-doms, in a U-turn that mirrors Labour policy and which the chancellor said was because he believed “those with the broadest shoulders should pay their fair share”.
Existing rules, a legacy of the colonial era, allow an estimated 70,000 foreign nationals who live in the UK to avoid paying UK tax on their overseas income and gains. From next year, new arrivals will only be able to avoid tax on overseas earnings for the first four years of their residency.
