Shortly after the General Election, we wrote about Labour’s proposals for reforming the UK’s tax regime for non-doms: Is the end in sight for non-doms? What tax changes can we expect from the UK’s new Labour Government? On Monday 29 July, the new Government published its first policy paper on the non-dom changes, while the Chancellor (the UK’s minister of finance) made a statement to the House of Commons on the public finances more generally. This policy document gives us the best idea yet of what to expect and when it will happen.
The theme of the 29 July statement was a £20 billion "black hole" in the UK’s public finances. We can expect that the Government is considering all options on the table to fill this hole, and the new Government is committed to reforms to the non-dom regime as one way to increase tax revenue.