The UK government confirmed the non-dom reform to come into force as of April 2017
The main changes are likely to concern non-tax residents living in the UK, whose principle interests are held within other countries.
The first change announced to have no paybacks or concessions whatsoever. As tax consultants say, many have no time to prepare thoroughly and thus will be exposed to a significant increase in the tax burden.
The amendments will also apply to foreigners that lived in the UK for over 15 years but less than 20.
The key spheres that will be affected by the changes are inheritance and UK real estate taxation in case foreigners own the property via offshore means rather than directly.
At the same time, the UK government is going to introduce certain concessions by allowing bank transfers to foreigners without the necessity to pay taxes if the money are used to invest in the UK business.
The UK tax year is not ending on December 31st, like in most countries, but on April 5th. Until then, all foreigners declaring their non-domicile status have time to make their relevant decisions.