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13 Jul 2007
Jane Kennedy , the recently appointed Treasury Minister, has revealed that non-domiciled residents pay £3bn in tax on their £10bn UK income.
The figures, calculated for 2004/2005, are the most recent giving an indication of the value that non-doms create for the economy, even though they pay no tax on foreign income.
The controversial non-dom rules are currently undergoing a review by the Treasury. The rules have enraged tax activists and unions who claim they are unfair.
The Treasury Select Committee , which has just conducted a series of high profile hearings into private equity, is also expected to investigate the taxation of non-domiciled residents.
The City and maritime industry has been very supportive of the non-dom regime, as both sectors believe that it attracts talent into the UK and keeps the economy competitive and attractive.
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