On Wednesday, 6 March 2024, Jeremy Hunt, the Chancellor of the Exchequer at that time, presented his Spring Budget 2024 to Parliament, which resulted in a number of significant changes to the UK tax system. One of the most significant changes was a proposal to, in his words, abolish the “outdated concept of domicile and the remittance basis in the tax system, and replace it with a modern, simpler and fairer residency-based system”. This new system, known as the foreign income and gains regime (FIG regime), became effective from 6 April 2025. This article explores the new regime and examines what it means for individuals both coming to and leaving the UK.
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