The UK’s Chancellor of the Exchequer Rachel Reeves has kicked off plans to end tax breaks for wealthy expatriates and close a tax “loophole” on private equity performance fees.
The Treasury said on Monday it would end what it described as “the outdated concept of domicile status,” and replace it with a shorter, four-year system, from April 2025.
It also gave private equity firms and other interested parties until August 30 to submit details to inform its tax reform of private equity, promising to meet “with a range of expert stakeholders across industry, other relevant professions, academia and elsewhere”. A decision is expected alongside the budget on October 30, it said.
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