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17 Jun 2008
A Barclays Wealth study has said that the government's decision to tax overseas earnings has not led to non-doms leaving the country in the masses.
Non-doms are apprehensive of leaving the country amid fears they could lose money on their property due to the struggling market The Daily Telegraph reports.
However the situation could 'change rapidly' according to the report if a small portion of financiers were to leave.
The non-domicile tax means that there is now a £30,000 levy on overseas earnings which was introduced in April and sparked fears that the 120,000 non-doms registered in the country would leave.
Non-doms spent £17bn in the UK last year.
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Non doms not leaving??
As a non-dom myself, I find this headline intriguing. Perhaps we have yet to see an exodus of non doms - but I suspect that many are making plans to do so. The UK tax regime, whilst appalling, is only part of the equation. A legal system compounded by runaway political correctness; practices that discourage investment and wealth creation; the inverse relationship between cost and value (particularly in public services); the rising tide of violence and criminality; the clear lack decisive, visionary leadership in government... certainly encourage the serious consideration of other countries of residence. An interesting benchmark is Singapore which actively welcomes wealth creators. Just consider what their tax regime looks like: income tax is c. 13% on income up to c. £120k (and 20% max thereafter - interest income is not taxable); CT rate is 18% - and there is no inheritance or capital gains tax. Indeed, the World Competitiveness Yearbook 2008 rates Singapore as the 2nd most competitive economy in the world. Perhaps Brown and Darling (or better still Cameron and Osborne) should visit this little island of 4m to see what tips they can pick up...
Posted by: SL Quek, 18 Jun 2008 | 00:00