Definition of Non dom:
Someone living in the United Kingdom, whose home is not permanent, fixed, or his or her principal residence, or that persons tax status. This status includes those holding British passports. Sometimes referred to as foreign nationals, these individuals pay income tax and capital gains tax only on earnings generated in or money brought into the United Kingdom. Any income generated or money held outside the United Kingdom is nontaxable. For example, an Italian can purchase a townhome in London, live off assets held in other countries outside the United Kingdom, and pay no tax to the British government. Short for non-domiciled.
A person who lives in a country but is not legally domiciled in it, in some cases obtaining tax advantages in the country of residence.
How to use Non dom in a sentence?
- Non-doms would become liable to a flat rate annual levy.
Meaning of Non dom & Non dom Definition