Non-doms are to be allowed to rebase the value of their British and overseas assets, avoiding retrospective tax bills.

The government is currently consulting on changes to the taxation of non-domiciles, with plans to tighten up the remittance rules that prevent non-doms brining income earned offshore back into the UK tax-free.

Officials are understood to have told advisers late last week that gains on existing assets should be exempt from the crackdown, with non-doms allowed to rebase their value, The Telegraph reported.

The move is likely to be welcomed by critics of the non-dom rules, but may irritate British entrepreneurs, who were denied a similar concession on the capital gains tax changes, also introduced recently.

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