Welcome to a special issue of our international e-bulletin for private client, family office and trustee clients and contacts. Now that the dust has settled on the Autumn Budget announcements made on 30 October 2024, we take a more in-depth look at the confirmed changes affecting non-UK domiciled individuals (“non-dom“) and their connected offshore structures, due to come into force on 6 April 2025.
Our analysis adopts the same case study format as our March 2024 issue of Globally Speaking which followed the original announcement of the non-dom changes by the Conservative government. These seven case studies cover the main categories of non-doms – accepting that a better description may need to be coined for these individuals after 5 April 2025 – and their offshore structures that we believe will be most affected, and reflect the changes as outlined in the Labour government’s technical note on 30 October 2024 and the accompanying draft legislation published on 7 November 2024.
Click below to read our analysis across our seven case studies:
- Top tips for arrivers
- The first four years
- The four-year itch
- To stay or to go?
- Q&A for UK returners and expats
- Let’s talk about trusts
- The inheritance tax need-to-knows
If these non-dom changes (or indeed any other measures announced in the Autumn Budget, such as in relation to agricultural property and business property relief from UK inheritance tax, as these reliefs interact with non-doms’ estate planning and trust structuring) have raised concerns for you or your clients’ UK tax and succession planning, please do not hesitate to contact your usual Wedlake Bell adviser.
As we await the final form of the legislation for the proposed measures, we are committed to equipping you with insights and strategies to navigate this evolving landscape effectively, knowing that effective planning and mitigation can still be achieved in many situations.
We would like to take this opportunity to thank our clients and intermediaries for choosing to work with us over the past year; it has been a privilege supporting you with your many interesting and challenging projects and helping you meet your personal, succession, entrepreneurial and philanthropic objectives.
We wish you all a wonderful festive season, and happiness, inspiration and continued success in the coming 2025.