UK officially closes tax leakage loophole, taxing nationals globally

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Jeremy Hunt, the UK Chancellor of the Exchequer, delivered his spring Budget, announcing that he would abolish the system whereby non-UK residents of origin do not pay tax on their overseas income as long as it is not remitted to the UK. He announced that from April 2025, non-UK residents of origin will not have to pay tax on overseas income for the first four years, but after that it will be brought in line with all UK residents. The measure is expected to bring in £2.7 billion by 2028 and 2029.

So far, in addition to China, the “global tax” countries around the world are: the United States, the United Kingdom, Canada, Australia, New Zealand, Spain, Greece, Portugal, France, Germany, Italy, Turkey, Malta, Russia, Japan and South Korea.

Image Source: Sourced from the Internet