From 6 April 2025, the tax landscape for UK residents has undergone one of the most significant reforms in a generation. The UK non‑dom regime, and with it the remittance basis of taxation, has been abolished, replaced by the new Foreign Income and Gains (FIG) regime.

Under the new rules, all UK residents are taxed on their worldwide income and gains as they arise unless they qualify for the FIG regime. Those treated as long‑term residents will also be subject to UK Inheritance Tax (IHT) on their worldwide assets. While the FIG regime provides time‑limited relief for qualifying new arrivals, it also brings a shift to a simpler, fully residence‑based system.

For many individuals, these changes raise a number of questions including: how will existing structures be treated, how can exposure be managed during the FIG relief period, and what will the transition to full worldwide taxation mean for long‑term planning? As with any major reform, the rules come with complexity — and careful planning will be essential.

For individuals with overseas income, assets or business interests, these changes may materially affect your tax exposure and your long-term planning. Understanding the new framework and taking action early is essential.