As party leaders and candidates embark on their final push for votes before tomorrow's general election, UK Director of private client services, Vince Cheshire examines what's in store for the nation's "controversial" non-doms.

The writing has been on the wall for UK residents claiming non-domicile status throughout Labour's election campaign, with the party clearly outlining plans to end the rule allowing wealthy individuals whose permanent home is abroad, to pay limited tax on foreign earnings - if the money stays outside of Britain.

Currently, non-doms who have lived in the UK for seven of the last nine years are required to pay £30,000 annually to maintain their tax status.

The figure increases to £50,000 annually for those who have spent 12 of the past 14 years in the country, and non-doms who have been here for 17 of the last 20 years are required to pay £90,000 to keep their status.

A hung parliament is looking very likely after tomorrow's vote, and yesterday, Ed Miliband hinted that he would only lead a minority government that upheld Labour's pledge to abolish the 200 year-old non-dom tax loophole.

If the party does form government a two year transition period is expected, to allow existing non-doms to make arrangements, and new rules would likely be brought in for temporary UK residents, who could be given a reprieve of up to four years.

The non-dom crackdown is intended to end the tax break for the 'mega rich', and raise a speculated hundreds of millions of pounds to help reduce the deficit. But there is a prediction that a large number of non-doms will choose to simply leave the UK altogether, taking their business talent and tax payments with them.

While the major parties are neck and neck in last minute-polling, David Cameron and the Conservatives are slightly favoured to win more seats tomorrow. If it is the Tories that we see working up a deal to lead, those with non-dom status will face a higher annual tax bill and added scrutiny, as the party has vowed to tackle those abusing the status.

The Lib Dems have also pledged to boost non-dom charges and reform the eligibility criteria, while UKIP has declared aspects of the non-dom rules "ludicrous" – but it won't rush to implement any reform until thoroughly examining the impact on public finances.

Non-domiciled UK residents may wish to consider establishing offshore structures to try to lock in their current status, and/or to review any existing structures before any future law changes take effect. It is important to seek tax advice before taking any action.

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