Do you prefer your taxes arising or on remittance? I suspect that, like most of us, you would rather pay no tax at all. But if you are one of the 114,000 people living in the UK and registered as non-domiciled then you will have a vested interest in the difference between these two ways of assessing your taxable income.

If you wish to continue to be taxed on remittance – ie to pay tax only on income earned in the UK and that remitted to Britain, leaving all your offshore income and capital gains undeclared to Her Majesty’s Revenue & Customs – then you will now have to pay a £30,000 ($59,120) annual surcharge. Plus you lose your personal tax allowance. So unless you are Roman Abramovich you are going to feel substantially lighter in the purse.