Elements of the British press have predicted that people who are resident, but not domiciled, in the UK will soon have to pay tax on their worldwide income and gains if resident in the UK for more than four years. Currently, they only pay UK tax on income and gains enjoyed in the UK.
In November, the British Government is expected to report on a wide-ranging review of residence and domicile rules. The Chancellor of the Exchequer, Gordon Brown, stated: “The Government believes that modernisation of these rules needs to be based on clear principles – the rules should be fair, clear, easy to operate and support the competitiveness of the British economy.”
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