The impact of the changes so far
The April 2017 policy reforms and Brexit created concerns that the wealthy would be deterred from living in the UK and that we’d see a significant decrease in non-doms here. HMRC has since estimated that there were 75,700 non-doms paying UK tax in 2019/20, down from 78,600 in the previous year. This represents a smaller decrease than that seen in previous years, which shows that the numbers are stabilising at a lower level, due to non-doms either becoming deemed domiciled in the UK or no longer paying tax in the UK.
HMRC estimates that non-doms are liable to pay £7.853 million in UK taxes and National Insurance contributions (NICs) in the 2019/20 tax year in comparison to the £7.898 million paid in the prior tax year. Despite the decrease in the number of non-doms, this did not result in an overall fall in revenue to the exchequer, with those becoming domiciled continuing to pay tax in the UK and the tax received from new non-doms offsetting those that no longer pay tax in the UK. Further details on the HMRC report can be found here.