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Jeremy Hunt could scrap non-dom status to fund tax cuts in Budget

  • Chancellor Jeremy Hunt is considering scrapping or reducing "non-dom" tax rules to raise funds for national insurance cuts in the upcoming spring budget.
  • The non-domiciled tax regime allows individuals to save on taxes by only paying on UK earnings, not overseas income, for up to 15 years.
  • Labour has proposed limiting benefits for non-doms to four years, while Tories view the system as vital for attracting wealthy individuals to the UK.
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The Telegraph broke the news in London, United Kingdom on Wednesday, February 28, 2024.
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