Brace yourself for a tax squeeze

What’s happened?

If Labour wins the election next week, it plans to toughen the rules on non-doms further, and there’s widespread speculation about higher capital-gains tax. In March, chancellor Jeremy Hunt pinched one of Labour’s long-standing flagship policies by announcing the effective abolition of the UK’s “non-dom” regime. Under the rules, which date back to the 19th century, foreign citizens living in the UK, but whose permanent home (“domicile”) is overseas, can avoid paying UK tax on their foreign income and gains for up to 15 years provided they do not bring