On 6 March 2024, the current government (led by the Conservative Party) announced a number of significant changes to the way in which UK tax resident non-UK domiciled (RND) individuals will be taxed in future. These changes are expected to take effect from 6 April 2025. In this alert we provide a recap of the reforms announced by the current Conservative government, and an overview of the further changes that the Labour Party has said it will introduce if elected.

On 6 March 2024, the Chancellor of the Exchequer delivered his Spring Budget.
This contained a number of significant tax changes relevant to our clients, including changes to the way in which UK tax resident non-UK domiciled individuals will be taxed in future and a new advantageous tax regime for individuals becoming UK tax resident.
These changes are very significant and we recommend clients take immediate advice on the potential implications for them and their structures.

The so-called UK Mandatory Disclosure Rules came into force in the UK on 28 March 2023. They comprise new cross-border tax avoidance arrangement disclosure rules that implement the OECD Model Mandatory Disclosure Rules.

Cross-border tax avoidance arrangement disclosure rules implementing OECD Model Mandatory Disclosure Rules referred to as “UK MDR” have come into force in the UK on 28 March 2023. In-scope arrangements entered into on or after this date must be reported to HMRC.