Scrapping non dom status
Discussion
k the rich and you fAnd off they go, leaving the rest of us to pay more tax than we needed to, for absolutely no benefit. Good job everyone.
https://www.ft.com/content/8bdd74b2-b8f6-4439-897c...
Increasing numbers of wealthy foreigners say they are leaving the UK in response to the abolition of the “non-dom” regime that allowed them to avoid paying tax on overseas income.
“The UK’s inheritance tax of 40 per cent on your global assets is a real problem,” said a European non-dom businessman in his 50s, who is moving his family from London to Switzerland after more than a decade in the UK.
One French investor in his 40s said that “any foreigner in the UK who has the option to leave is doing so because of the end of the non-dom regime”. He is moving from London to Milan early next year, lured by a system that was announced by Italy in 2017 that exempts foreign income from Italian tax in exchange for the payment of €100,000 a year.
https://www.ft.com/content/8bdd74b2-b8f6-4439-897c...
Increasing numbers of wealthy foreigners say they are leaving the UK in response to the abolition of the “non-dom” regime that allowed them to avoid paying tax on overseas income.
“The UK’s inheritance tax of 40 per cent on your global assets is a real problem,” said a European non-dom businessman in his 50s, who is moving his family from London to Switzerland after more than a decade in the UK.
One French investor in his 40s said that “any foreigner in the UK who has the option to leave is doing so because of the end of the non-dom regime”. He is moving from London to Milan early next year, lured by a system that was announced by Italy in 2017 that exempts foreign income from Italian tax in exchange for the payment of €100,000 a year.
Newc said:
And off they go, leaving the rest of us to pay more tax than we needed to, for absolutely no benefit. Good job everyone.
https://www.ft.com/content/8bdd74b2-b8f6-4439-897c...
Increasing numbers of wealthy foreigners say they are leaving the UK in response to the abolition of the “non-dom” regime that allowed them to avoid paying tax on overseas income.
“The UK’s inheritance tax of 40 per cent on your global assets is a real problem,” said a European non-dom businessman in his 50s, who is moving his family from London to Switzerland after more than a decade in the UK.
One French investor in his 40s said that “any foreigner in the UK who has the option to leave is doing so because of the end of the non-dom regime”. He is moving from London to Milan early next year, lured by a system that was announced by Italy in 2017 that exempts foreign income from Italian tax in exchange for the payment of €100,000 a year.
If they leave what money were we actually making from them? What’s the argument for non-dom? https://www.ft.com/content/8bdd74b2-b8f6-4439-897c...
Increasing numbers of wealthy foreigners say they are leaving the UK in response to the abolition of the “non-dom” regime that allowed them to avoid paying tax on overseas income.
“The UK’s inheritance tax of 40 per cent on your global assets is a real problem,” said a European non-dom businessman in his 50s, who is moving his family from London to Switzerland after more than a decade in the UK.
One French investor in his 40s said that “any foreigner in the UK who has the option to leave is doing so because of the end of the non-dom regime”. He is moving from London to Milan early next year, lured by a system that was announced by Italy in 2017 that exempts foreign income from Italian tax in exchange for the payment of €100,000 a year.
Excuse me if the answer is obvious but were non doms paying tax on income outside the UK
For example if one has income in India, Australia, France. Is that income taxed there. If so non dom just avoids double taxation.
If not then non Dom was a tax avoidance scheme and as well abolished.
For example if one has income in India, Australia, France. Is that income taxed there. If so non dom just avoids double taxation.
If not then non Dom was a tax avoidance scheme and as well abolished.
Carl_VivaEspana said:
Newc said:
And off they go, leaving the rest of us to pay more tax than we needed to, for absolutely no benefit. Good job everyone.
Not to worry apparently, there is a plan.Most other European countries do not have non dome schemes, I do not think?
Newc said:
And off they go, leaving the rest of us to pay more tax than we needed to, for absolutely no benefit. Good job everyone.
https://www.ft.com/content/8bdd74b2-b8f6-4439-897c...
Increasing numbers of wealthy foreigners say they are leaving the UK in response to the abolition of the “non-dom” regime that allowed them to avoid paying tax on overseas income.
“The UK’s inheritance tax of 40 per cent on your global assets is a real problem,” said a European non-dom businessman in his 50s, who is moving his family from London to Switzerland after more than a decade in the UK.
One French investor in his 40s said that “any foreigner in the UK who has the option to leave is doing so because of the end of the non-dom regime”. He is moving from London to Milan early next year, lured by a system that was announced by Italy in 2017 that exempts foreign income from Italian tax in exchange for the payment of €100,000 a year.
You fail to appreciate that these people don't care about the country they live in, they just care about themselves and their wealth and will move anywhere that they believe benefits them.https://www.ft.com/content/8bdd74b2-b8f6-4439-897c...
Increasing numbers of wealthy foreigners say they are leaving the UK in response to the abolition of the “non-dom” regime that allowed them to avoid paying tax on overseas income.
“The UK’s inheritance tax of 40 per cent on your global assets is a real problem,” said a European non-dom businessman in his 50s, who is moving his family from London to Switzerland after more than a decade in the UK.
One French investor in his 40s said that “any foreigner in the UK who has the option to leave is doing so because of the end of the non-dom regime”. He is moving from London to Milan early next year, lured by a system that was announced by Italy in 2017 that exempts foreign income from Italian tax in exchange for the payment of €100,000 a year.
Good riddance.
Tom8 said:
Like all the envy taxes the labour party proposes, this one will also generate little but sounds good to Jo public. I agree people should contribute. These people may not directly but indirectly they will probably contribute far more than the rest of us through purchasing high value goods, hospitality, accommodation etc etc.
If this is the way it works then let’s abolish income tax and a few others. That way everyone will have more money in their pockets and will spend it on stuff, pay vat etc etc etc. if that’s how you reckon it works. I actually don’t think a lot of them will leave. There must be some pretty compelling reasons to want to be on this sodden, overcrowded island. Put it this way if I was very rich you’d not see me for dust!
Dog Star said:
I actually don’t think a lot of them will leave. There must be some pretty compelling reasons to want to be on this sodden, overcrowded island. Put it this way if I was very rich you’d not see me for dust!
You sounds like you're trying to convince yourself.There's no way this will raise revenue, if it did they'd have done it years ago.
Rufus Stone said:
So do wealthy people resident here for tax purposes. Should we let them off some tax for the same reason and be grateful for what little we get?
You don't have the choice.If you're taxing mobile people and organisations your're competing in a global market.
Corporation tax is the same. We used the have to keep low to compete (still not low enough - my medium sized firm moved HQ to Belgium IIRC). Then there was an international agreement to raise corporation tax and we could get away with increasing it. We don't choose our tax rates, the market does.
Doing away with Non Dom status is not about increasing tax revenue. It's about shafting Starmer. Taking money away from him, but making the punters think he has more. Hopefully forcing him to face facts and reverse it thus annoying his base.
Edited by BikeBikeBIke on Saturday 22 June 09:59
Also other countries have similar policies where high earners can reduce their income tax if they move there
https://www.government.nl/topics/income-tax/shorte...
https://kpmg.com/xx/en/home/insights/2023/11/flash...
https://www.government.nl/topics/income-tax/shorte...
https://kpmg.com/xx/en/home/insights/2023/11/flash...
Mr Penguin said:
NuckyThompson said:
If they leave what money were we actually making from them? What’s the argument for non-dom?
They spend large sums of money here which generates jobs and indirect taxes. So, 20 people out of a job and no £B IPO.
That's just one non dom.
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