Scrapping non dom status
Discussion
https://www.bbc.co.uk/news/uk-politics-68432487
Can't see the Tories doing this personally, but getting £3.6bn as a result of it would be good. I do wonder how many of these non doms would leave the UK if this law came in. The UK has something like 68k non doms living here.
Can't see the Tories doing this personally, but getting £3.6bn as a result of it would be good. I do wonder how many of these non doms would leave the UK if this law came in. The UK has something like 68k non doms living here.
It's a tricky one. The £3.6bn extra tax revenue probably does not take account of the number of non-doms leaving the UK and future deterrent for others to come to the UK. This might end up being a net deficit.
Also would that mean having to form double tax relief agreements with every country and would that admin be impossible to manage?
Also would that mean having to form double tax relief agreements with every country and would that admin be impossible to manage?
s1962a said:
https://www.bbc.co.uk/news/uk-politics-68432487
Can't see the Tories doing this personally, but getting £3.6bn as a result of it would be good. I do wonder how many of these non doms would leave the UK if this law came in. The UK has something like 68k non doms living here.
About time. Non-doms are like members of a health club who don't pay their monthly subscription but still want to use all the facilities. Even worse, some of them also spend a lot of time and effort telling the management how to run the club too.Can't see the Tories doing this personally, but getting £3.6bn as a result of it would be good. I do wonder how many of these non doms would leave the UK if this law came in. The UK has something like 68k non doms living here.
Policy adopted probably because the Tory's have had feedback that its popular with the electorate, that is of course if the tory's have any voters left.
It'll raise about as much as a raffle, in fact they all know it will have a detrimental impact on the country. Maybe that's why they are doing it, harm the impending new Labour government by making the economy even worse. Non doms may not "theoretically" pay much tax but they sure do spend a sh@t ton of money into the economy.
It'll raise about as much as a raffle, in fact they all know it will have a detrimental impact on the country. Maybe that's why they are doing it, harm the impending new Labour government by making the economy even worse. Non doms may not "theoretically" pay much tax but they sure do spend a sh@t ton of money into the economy.
Essarell said:
Policy adopted probably because the Tory's have had feedback that its popular with the electorate,
I expect if someone spent a few hours reading they'd find countless similar examples that are a vast insult to the average person in the street getting boned up the botty, but are actually the only workable balance to catch a few drips from a cash cow. bloomen said:
It's a rather odious concept, but such people are mobile and selfish so they'll simply pop elsewhere.
I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
This ^^^^^I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
Non Dom’s will pack their bags and hop off to another anchor that offers more attractive T&C.
tangerine_sedge said:
About time. Non-doms are like members of a health club who don't pay their monthly subscription but still want to use all the facilities. Even worse, some of them also spend a lot of time and effort telling the management how to run the club too.
Perhaps a better analogy would be that they're club members who dine in the club's restaurant every night, ordering - and paying for - lobster and champagne on a regular basis. If the club doesn't suit their needs, they'll happily relocate to another club in Dubai, or wherever.In fact, given that some non-doms pay the annual Remittance Basis charge of £30k or £60k you could argue that that group do pay their subs.
crankedup5 said:
bloomen said:
It's a rather odious concept, but such people are mobile and selfish so they'll simply pop elsewhere.
I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
This ^^^^^I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
Non Dom’s will pack their bags and hop off to another anchor that offers more attractive T&C.
Quite a few countries are introducing remote worker visas so personal taxation is going to become a marketplace.
I think we will see a reversal of brain-drain as countries move from importing unskilled labour from poor countries to prop up their demographics to countries with lower costs of living importing skilled remote workers on high wages.
crankedup5 said:
bloomen said:
It's a rather odious concept, but such people are mobile and selfish so they'll simply pop elsewhere.
I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
This ^^^^^I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
Non Dom’s will pack their bags and hop off to another anchor that offers more attractive T&C.
crankedup5 said:
bloomen said:
It's a rather odious concept, but such people are mobile and selfish so they'll simply pop elsewhere.
I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
This ^^^^^I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
Non Dom’s will pack their bags and hop off to another anchor that offers more attractive T&C.
leef44 said:
This is why I think there is a high chance that it will be a net deficit. There are those who are actually investing or doing business in the UK but only pay tax on their UK income. If they now have to pay tax on their foreign income which they do not receive in the UK then they may find it uneconomical to continue business here so close shop and move out.
Well, that's the gamble with this proposal, whichever party it comes from.Some say the large majority of non-doms will stay put in the UK and simply pay more tax - that's what the University of Warwick study assumes in arriving at the £3+ billion that's often quoted.
Others disagree, arguing that many wealthy non-doms will relocate, or will move their foreign assets into trusts beyond the reach of HMRC. After all, the very wealthy are often mobile and can afford the best accountants and lawyers.
The truth is that nobody can be sure what extra tax would be raised, if any. And yet, Wes Streeting asserts that Labour will spend the non-dom tax receipts on NHS staff and scanners. Even though he can't be sure how much money would be raised.........
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.
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.
You should probably read the news link or at least the headline in the OP. xstian said:
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.
You should probably read the news link or at least the headline in the OP. 
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