Reviews of anti-avoidance laws will be conducted too
The proposal aims to remove preferential tax treatment based on domicile status for all new foreign income gains starting from the next financial year (6 April 2025).
The Isle of Man Government will closely scrutinise any changes to the non-dom tax regime.
To replace the remittance basis of tax, the UK Government plans to implement an internationally competitive residence-based regime.
This regime will provide 100 percent relief on foreign income and gains for new arrivals to the UK during their first four years of tax residence, provided they have not been UK tax residents in any of the ten consecutive years before their arrival.
Additionally, a review of offshore anti-avoidance legislation, including the transfer of assets abroad and settlements legislation, is also planned.
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