However, while the four-year regime has the potential to encourage individuals to come to the UK, after that short period expires they may decide to relocate to jurisdictions with more attractive tax regimes.

With the IFS pointing out the uncertainty surrounding the anticipated tax revenues from the proposed regime, if the new government does not strike the right balance, the proposals could result in a mass exodus of non-doms and, conversely, a fall in tax revenues. 

Julie Howard is a partner and Chelsea Turner is a trainee at Boodle Hatfield