The UK will abolish the non-dom tax regime starting in April 2025 and replace it with a new residence-based system featuring globally competitive provisions for individuals temporarily residing in the country. This announcement was made by Rachel Reeves, the Chancellor of the Exchequer, during the presentation of the 2025 UK budget. Reeves stated that UK will abolish the non-dom tax regime and remove the outdated concept of domicile from the tax system as of April 2025 and in its place, a residence-based scheme with internationally competitive arrangements for temporary residents while addressing loopholes will be implement. The abolishment of the…