A new era for non-doms: How will a rebasing election work?

The new tax year began on 6 April, ushering in a new era for non-doms. Private Wealth and Tax Partner Andrew Goldstone and Managing Associate Nicola Simmons discuss the UK's new FIG regime, which allows tax-free use of foreign income or gains for four years. They address concerns for long-term residents who can't claim this relief, highlighting the CGT rebasing election to limit capital gains tax by resetting asset values to April 2017. Conditions apply, and this election interacts with previous rebasing rules from 2017 and 2008, offering potential benefits for those who have remained in the UK.