​Since 6 April 2025 the FIG regime replaces the old “non-dom” remittance basis rules. If you become UK tax-resident after at least ten consecutive years of non-UK residence, you may claim 100% relief on eligible foreign income and gains for your first four UK tax years, even if you bring the funds into the UK.  Once the relief period ends, you will generally be taxed on your worldwide income and gains.

Key points to know

• To qualify you must have been non-UK tax resident for the 10 tax years immediately before you become UK tax resident.

• The regime only applies to foreign income or gains arising on or after 6 April 2025.

• If you claim the FIG relief for a tax year you lose entitlement to your personal allowance, the capital gains tax annual exempt amount and various other tax reliefs for that year.

• If you are UK resident but not eligible for the FIG regime, you will be taxed on your foreign income and gains on the “arising basis” like any UK income/gains.

• You must still report your foreign income and gains in a Self-Assessment tax return (even if relief is claimed).

How Money Tax Smart can help: We can assess whether you qualify for the FIG regime, help map your overseas assets/income to the new rules, advise on whether claiming the relief is beneficial (or whether you’re better off paying tax normally), and guide you on reporting & timing decisions. Contact Us