UK Considers Reversal on Inheritance Tax Decision for Non-Doms

UK finance minister Rachel Reeves may reverse her stance on imposing inheritance tax on global assets of non-domiciled residents. Initially aimed to raise £12.7 billion over five years, the reversal is being discussed amid reactions from officials and financiers.

British finance minister Rachel Reeves is reportedly contemplating a reversal in her decision to levy inheritance tax on the worldwide assets of non-domiciled residents, according to the Financial Times.

Last October, Reeves pledged to close tax exemptions that allowed wealthy foreign residents to sidestep taxes on overseas income, contributing to a projected £12.7 billion boost over five years.

The report, which Reuters has yet to independently verify, highlights ongoing discussions among government officials and financiers.