Breaking News: Big Tax Changes in the UK

UK is getting rid of their famous Non Dom tax regime, which allowed foreigners to live in the UK and enjoy favourable tax treatment.

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Breaking news coming from the UK - only a few days back the government announced they are closing down their non Dom regime, which means that nobody will be able to benefit from it from now on, including those that have just recently qualified!

We are bringing you the latest news, and also some new tax opportunities
that you can take advantage of in the United Kingdom.
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He is widely regarded as the foremost international tax expert for legal cross-border tax planning, with extensive experience in immigration, residency, and second citizenship for those seeking a plan B, asset protection, global offshore banking, and payment processing.

Michael leads a team of lawyers and accountants who are top experts in their respective fields. This multi-lingual, multi-national team has worked with digital nomads, entrepreneurs, and investors from 62 countries, providing practical real-world multi-dimensional solutions for their clients.

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With Offshore Citizen, you can rest assured that you are in the hands of professionals who have your best interests at heart. Let us guide you through the complex world of international tax planning, immigration, residency, and second citizenship.
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[JohnDavies-bjmz]

Best thing I ever did was to leave the UK and move to Thailand (no not for the Sex trad) Thailand has given me a great life 26 years teaching English (now retired). Met a lovely lady now married bought a house I could never have afforded back home now live very comfortably on my UK pension.

[guyclone]

Seems like a trend going on here with taxes, lots of areas of favorable taxes are disappearing. What is next? A world wide tax system?

[gee]

Tax aside, most people I know would leave the UK in a heartbeat. It's falling apart no matter where you look. I'm English by the way.

[jesselivermore]

"Those with the broadest shoulders should contribute a bit more".

They talk about wealth like it was dished out at birth and no one had a say in how wealthy they became as if wealth were similar to genetics. Wealth comes to those who work smarter and harder and sacrifice more. People who do whatever they need to do to become wealthy shoyld not have to shoulder the burden of taking care of people who didnt give a shit about success.

There are people that go through life hating capitalism and hating money, but apparently everyone else needs to support them with their money.

Im not a fan. The only fair rate of tax is a flat rate. If everyone pays 30% then the more you make the more you pay. Anything beyond that is medieval oppression by the state.

[waynejohnson]

Labour will most likely win next election in 2025 and thus high taxes will follow for middle classes and upper classes. Just something to consider. NOTE: The conservatives are no friendlier on taxes in fairness

[gerardsitja]

Need more money to dump to Ukraine?
How much of our taxes are been used to buy guns to kill people in the wars going currently around the world?
I do not remember voting for any of this uses on my taxes!?
Also... Why pay taxes!? If they need money they can just print it. (As they been also doing it)
I can't heat the house for my family to be barely comfortable as the price for electricity went up so much it will cost us the whole monthly salary just to pay the electric bill.
How can we thrive in this environment!?
UK it's dying rapidly...

[gcgladiator]

They will regret dropping the non domiciled status. Just wait.

[rossmilne]

Working as a Wealth Manager in the UK, it will be very interesting to see these clients come to our shores and take advantage of UK investment wrappers such as ISA’s and Pensions schemes.

In terms of the pension, I would imagine some wealthier clients might find it attractive that they could reinvest investment income into a UK domiciled pension fund which falls outside one’s estate in even the UK and can be passed free of IHT to the generations which follow.

Oh and also some specific types of scheme can purchase commercial property…

[BigNate]

Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult

[donovanmic]

If you could get UK citizenship during the 4 year tax holiday, you could move to Ireland under Ireland-UK agreement and then claim non-dom status in Ireland.

[yvrrtw]

Somehow whenever I travel to the UK, I keep meeting other foreigners from other countries. Local born and raised British people seem to be rather rare in the UK these days!

[jannikhansen]

Well... It made the decision of London vs Dubai a lot easier... -> 🇦🇪

Great video as always!!

[GZ]

Not non dom related but just Another sign of broken Britain - the tax rates are crazy and the benefits are minimal - no support for businesses or entrepreneurs at all so no reward risk ratio and may as well just work for the government as they get more out of it than any entrepreneur, wealth maker or companies do. Disgrace

[danielforde-pogson]

Tax is voluntary. You do not have to comply with any of this legislation. Domicile or not. The government is YOUR servant.

[benitomussolinki]

Sounds like this would benefit Americans who want to take advantage of FEIE for 4 years by living in UK with a remote job

[sirrodneyffing]

THE UK mate...HMRC, 'His Majesty's Revenue and Customs' 👍

[mva]

End of non-dom program == not attractive. Yeah, great 4 years. I'd rather go with the flat tax in Switzerland and/or Italy.

Key question: will these changes apply to other UK-related juristictions that are not technically part of the UK? Such as Isle of Man, Channel Islands, etc? If not directly affecting those juristictions, I could see a big exodus of the wealthy expats into those areas (& Gibraltar?) and perhaps Ireland would welcome them with open hands too? What an idiotic move by those pandering politicians. Neil McCoy-Ward will have a field-day with this news.

[thegeniusfool]

It was indeed too good to be true…. Now let’s see how long fixed rate taxes (Italy, Greece…) are allowed by the jealous bullies.

[mootsiee]

So do the Uk residents pay for those who come for 4years and can leave benefitting from 0% tax ?

[LinusNorton]

Sorry for asking an idiot question, but if you're a non-dom paying %0 on income generated outside the UK, wouldn't you be paying tax where it is generated? Or where you are domiciled? I never really understood how this allowed you to be tax free. My guess is that a double taxation treaty means you don't have to pay the tax where it is generated on the basis you should pay it in the UK but then the non-dom status means you don't?