The results of the General Election are now in and, as was widely expected, the UK has voted for Sir Keir Starmer’s Labour party to form the next government. Commentators are widely expecting a very busy first 100 days of government, with a raft of new legislative measures being introduced. But what does the result mean for non-doms, who are keen to start planning for their future in light of the announced changes to the remittance basis of taxation?

Frustratingly, in the immediate future, we don’t expect any major developments. Rachel Reeves, the new Chancellor of the Exchequer, has made it clear that she will not undertake any major fiscal event (i.e. there will be no Budget or Autumn Statement) without a proper OBR forecast to accompany it. Given the time the OBR needs to produce such a forecast, we don’t expect this until mid-September at the earliest. Even then, we won’t necessarily see draft legislation at that point - meaning that, with less than six months to go until we anticipate the changes being introduced on 6 April 2025, non-doms and their advisers will still be operating in a vacuum in terms of concrete information.

It is easy to see that time will quickly run out for those affected by the changes to make any necessary alterations to their structures and plans if they do not act until the detail becomes clearer. It therefore remains essential that non-doms act now to take stock of their position and get their affairs in order. This will put them in the best position possible to act quickly once the detail of the changes is known. My colleague, Rosie Todd, has written previously giving guidance on the information non-doms should have to hand. We recommend that anyone who has not yet started to gather this information should do so as soon as possible (https://viewpoints.stevens-bolton.com/post/102j99a/non-dom-tax-changes-general-election-update).