UK to End Preferential Tax Regime for Ultra-Rich Foreigners

The UK will end a system that offered tax breaks to the country’s wealthiest foreigners in a move that Chancellor of the Exchequer Rachel Reeves said would raise £12.7 billion ($16.5 billion) over the next five years.

Non-doms — foreign residents who span City of London bankers to multibillionaires — currently don’t pay UK taxes on their overseas earnings for as long as 15 years.

Instead, the country will introduce a residence-based program, Reeves said the budget Wednesday, her first since the Labour party took power. The new regime will offer competitive arrangements to wealthy foreigners coming to the UK ...