UK's Chancellor of the Exchequer, Jeremy Hunt, presented his 2024 Spring Budget to the House of Commons on 6 March 2024 announcing a significant change in the taxation regime for non-domiciled individuals.
The Chancellor proposed that the present regime, whereby the overseas income and gains of non-domiciled individuals are not subject to UK tax for a period if they are not remitted to the United Kingdom, will be abolished. This will be replaced by a simpler system exempting such receipts for a 4-year period after an individual becomes resident in the UK. There will be transitional arrangements for a 2-year period.