On October 30, 2024, Chancellor Rachel Reeves presented the Labour government's inaugural Autumn Budget, unveiling significant updates that will impact non-UK domiciled individuals. This budget addresses the current economic challenges facing the country and aims to foster sustainable growth and development. Following the announcement, the Treasury has published a draft legislation and guidance note, detailing the proposed abolishment of the outdated "domicile-based" tax regime in favor of a new "resident-based" tax system.
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