Rachel Reeves’s budget creates tax break for rich former non-doms

The chancellor’s budget introduced a £5m cap on how much IHT can be levied every decade on non-dom offshore trusts created before the status was abolished. Photograph: Tejas Sandhu/SOPA Images/Shutterstock

A tax break for rich former non-doms that slashes their potential inheritance tax bills was included in the small print of the budget.

The benefit relates to how much tax this group faces having to pay on their global wealth held in trust.