Exemptions also apply to certain non-UK residents working for broadcasters.

FORBES: Olympians Get a Free Pass on Taxes at the London Games

Mr Harwood said the document would see more information about non-domiciled UK residents' tax affairs exchanges between the jurisdictions.

BBC: UK & Guernsey tax agreement would be 'significant'

But not everyone gets a break: those working on construction of the venues (UK residents and non-residents) will have to pay taxes just as always.

FORBES: Olympians Get a Free Pass on Taxes at the London Games

This executive says non-residents (international business) may want to stay in the UK since the U.S. leverage is lowered to 50:1.

FORBES: Questions Linger Regarding New Forex Rules

London, long the favoured destination for Irish immigrants, had both the largest proportion of residents born outside the UK (37%) and non-UK nationals (24%).

BBC: Irish immigrants on the decline in England and Wales

The latest census results for England and Wales showed London has both the largest proportion of residents born outside the UK (37%) and non-UK nationals (24%).

BBC: Mark Rowley

France, Germany, Italy and Spain, along with the UK, would be a part of the pilot, which would focus on tax information held about non-domiciled residents.

BBC: Deputy Peter Harwood