LATEST UPDATE – SUMMER BUDGET – NON-DOM “An extra £750m will be set aside for HMRC to raise £2bn of extra tax combating tax evaders.
The onto non-domicile tax rules, in place since 1914. He says they have an “important place” and won’t be dumped outright, but “it is not fair for people to be born in the UK” to non-dom parents and then claim to be non-doms themselves. Putting homes in offshore companies is not fair either, nor is permanent use of the status, he says. From 2017, non-doms who’ve spent 15 of the last 20 years in the UK will pay the same tax as everyone else, he says. The new rules will raise £1.5bn.” – BBC.CO.UK