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Reform of the Taxation of Non-Domiciles

Comment 9th July 2010

Withdrawl of the various tax reliefs that are afforded to non-doms once they have been UK resident for more than 2 out of the last 4 years.

Why does this matter?

Essentially there are a large number of people who live and work in the UK, raise their families here and have access to all of the UK’s public services but do not have to pay taxes as a UK citizen because their worldwide wealth is protected by this draconian legislation.  

Currently individuals who are resident in the UK but who hail from somewhere else do not have to pay UK tax on their non-UK income and gains if they do not remit said funds to the UK – the so named remittance basis.  Although the previous government introduced a dedicated levy of £30,000 on such individuals so that they may continue to benefit under these rules, the levy only affected those who have been UK resident for more than 7 of the last 9 tax years. 

If this government is for fairness then this is surely an area that requires attention.

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