Spring Budget: PwC comments on 'astute' change to non-dom regime but 'real impact will be hard to assess'

Alex Henderson, tax partner at PwC, says:

“The change to the ‘non-dom’ tax regime is an astute move on the Chancellor’s part which provides a triple benefit: it takes the reliefs off the table as a matter of debate, the transitional measures should increase UK investment and the new four-year regime - down from 15 - will be less generous, raising revenue in the longer term. The real impact will be much harder to assess as the quantum of overseas income and gains that will now be brought into tax and the knock-on effects on those who are in the UK and must now reconsider their position and those yet to consider coming here is largely unknown.”