The Starmer government’s first budget changes the rules for long-term expats.
The “non-dom” regime shielding offshore assets from UK tax will be abolished.
Expats could be locked into 40 per cent inheritance tax on their Aussie assets.
Expats have until April 6 to decide what to do.
London | A growing number of Australian executives in the UK are weighing up a dash for the exit door after the Starmer government set an April 6 deadline for them to avoid having their Aussie shares and property hooked into Britain’s inheritance tax net.
Australian long-term expat executives who spoke to AFR Weekend said the abolition of the “non-dom” regime, which has shielded their offshore assets from UK tax, was a game-changer – even for those who had lived in Britain for decades.
Loading...
Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
