Anyone leaving before April 2025 will become exempt from inheritance tax after three years
A wave of wealthy people is preparing to leave the UK before April to benefit from changes to non-dom rules in last month’s Budget, tax advisers say. Accountants and lawyers said that many people were deciding to leave the country in the coming months because of changes to the requirements for inheritance tax exemptions. “ basically saying if you want to go, you have to go this tax year,” said Philip Munro, partner at law firm Withers.
Labour had previously sought to make non-doms leaving the UK liable for IHT on their global assets for 10 years after their departure from the country. But, in a concession to non-doms, Reeves cut this timeframe to between three and 10 years, depending on how long they had lived in the UK. The decision to give people leaving before April next year a three- rather than up to 10-year countdown was a further attempt to compromise with non-doms.
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