Tories explore scrapping non-dom tax status
The chancellor is exploring the idea of scrapping the status in order to deliver tax cuts for millions.
www.bbc.co.uk
they should emphasize the "could" word in that phrase.Scrapping the non-dom regime could generate £3.6bn for the government
it'll be a non issue for many of them to start a new life chapter in another country...there were 68,800 non-doms in the UK
Not quite true. Family, business, local assets, kids at school, social network, local mistresses etc ... make the relocation not that easy for many of them even if they have assets elsewhere. You won't see people rushing out tomorrow just yet....the relocation is just a formality
opinionable I agree, there are some different opinions on Stay or go? UK’s non-doms prepare for scrapping of tax statusNot quite true.
These in my opinion could "easily" move away. Know plenty of people that left in that range of time.Most of these unreported income and gains (55%) belong to non-doms who arrived in the UK in the past five years.
This makes the treatment of those who have been in the UK for a relatively short period crucial to the total revenue that could be raised from a reformed policy.
So they're telling me that just 77 people would leave in case of such a drastic reform...Our estimates suggest that abolition of the remittance basis would lead to 0.3% of remittance basis users(77 people) leaving as a result of the reform. After accounting for this limited migration response, including the loss of existing tax paid by non-doms who leave, the additional tax that would be received is £3.23 billion. The net additional revenue to government, after also accounting for the loss of the remittance basis charge receipts, is £ 3.16 billion.
Tories explore scrapping non-dom tax status
The chancellor is exploring the idea of scrapping the status in order to deliver tax cuts for millions.www.bbc.co.uk
It's this or sell the Prince of Wales... the UK is broke and they always hollow out or steal via new means.There was already a parliament vote on whether to scrap non-dom scheme in 2023 brought forward by the Labour party. The conservatives voted overwhelmingly to keep it. So 12 months later and they are exploring scrapping it??? What has changed in meantime? This is the conservatives carrying out a scorched earth policy on their way out of office if they do this.
P.S We discussed it in below thread at the time.
UK vote to scrap non-dom status unsuccessful and millionaires flee UK anyway
FYI UK just held a house of commons vote yesterday to get rid of non-dom status. https://votes.parliament.uk/Votes/Commons/Division/1475 The results went pretty much along party lines with conservatives against and Labour for scrapping it. So the status remains. However chances are Labour will...www.offshorecorptalk.com
Problem is once they do away with this, it's a slippery road to overseas non-resident taxes...
The VAT increase around 2010/12 was meant to be temporary... 12-14 yrs later...
It's this or sell the Prince of Wales... the UK is broke and they always hollow out or steal via new means.
I personally believe the UK will subjucate itself to openly becoming a vassal state to the United States, the UK, France will be the dominant powers in Western Europe, the UK via it's vassal position (crumbs).I can only tell you that for the UK it will end in war as there is no viable way forward for the country in the modern world.
When subjugating and pillaging the earth works no longer and you have to compete with other countries you have what the UK is now i.e a very uncompetitive and unproductive society in decay. One can look at ancient Rome and look at Rome today - another country that pillaged the earth.
I can only tell you that for the UK it will end in war as there is no viable way forward for the country in the modern world. The country is doomed. Northern Ireland will reunify with the Republic of Ireland. Scotland will one day get independence and what you will be left with is a nation of chavs, food banks, US style health care (end of NHS) and poor working class people as the wealthy flee the decay like rats from a sinking ship.
So, one moves to the UK for 4 years and then bails?From April 2025 new arrivals into the UK will not be required to pay any tax on foreign income and gains in the first four years of their UK residency.
After four years those who continue to live in the UK will pay the same tax as other UK residents.
Unless they introduce the exit tax or some other BS.So, one moves to the UK for 4 years and then bails?