The Finance Bill will create a punitive and arbitrary set of rules for non-doms, under which they could end up paying exorbitant levels of tax, says James Lawson

This year’s Spring Statement was a pretty no-nonsense affair – and with good reason. As the war in Ukraine rages on, Trump’s tariffs begin to bite and the OBR slashes our growth forecast in half, the Chancellor has promised to “restore stability to our public finances”.

Yet even as the government makes the right noises on house building, civil service cuts and welfare reform, the looming abolition of the non-dom status threatens to undermine its efforts.

These plans are already driving wealth-creators away. More than 10,000 millionaires, who are contributing a disproportionate amount of tax and business activity, left the UK last year. 

But after extensive consultation with legal experts and financial advisors, the situation appears to be even worse than we anticipated. The Finance Bill will create a punitive and arbitrary set of rules for non-doms, under which they could end up paying........

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