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This week’s spring budget revealed that the current non-dom rules would be changed, so how could this affect people investing in UK property?

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In Chancellor Jeremy Hunt’s spring budget, announced on Wednesday this week, one of the big changes he revealed was in the way those living in the UK but with permanent homes elsewhere – also known as non-doms – would be treated for tax purposes.

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Under existing non-dom rules, an individual with non-dom status does not have to pay UK tax on overseas income or gains, unless the income or gains are brought to the UK. They were also not liable for inheritance tax on the value of their foreign assets, unless they became “domiciled” in the UK.

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Source: Buy Association

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