UK Wealth Tax Proposal Sparks Investment Fears and Debate

[Martin Everson]

Would it be legal to put a tax on a non tax resident, based on previous residence?

Yes. The UK already has the Statutory Residency Test where you can still be considered tax resident if you have sufficient ties to the UK and are not living there any longer. The end goal is to capture those HMWI that have left the UK in last few years making escaping the tax impossible for them.....it's evil....lol.

Seems things move fast and this is far worse idea...enhancing exit taxation .

Costly departures: Why an exit tax looks more likely than a wealth tax​

https://www.msn.com/en-us/money/eco...oks-more-likely-than-a-wealth-tax/ar-AA1J2uP7

 

[Xshore]

Yes. The UK already has the Statutory Residency Test where you can still be considered tax resident if you have sufficient ties to the UK and are not living there any longer. The end goal is to capture those HMWI that have left the UK in last few years making escaping the tax impossible for them.....it's evil....lol.

Seems things move fast and this is far worse idea...enhancing exit taxation .

Costly departures: Why an exit tax looks more likely than a wealth tax​

https://www.msn.com/en-us/money/eco...oks-more-likely-than-a-wealth-tax/ar-AA1J2uP7

yes but that means they are still tax resident. I'm asking if they can put this tax on a non tax resident. Or maybe you're suggesting that they'll change the tax residency rules?

 

[Xshore]

Norway and few EU countries are already doing it

No, they are making it harder/take longer to become non tax resident. They don't tax non tax residents.

 

[Alonzo]

They don't tax non tax residents.

They do it temporarily if you move to a tax haven. At least from local sourced income at full income tax

 

[slink]

The UK will likely be the first western nation to follow the US into citizenship-based taxation. They just can’t help themselves.

This is what I worry about.