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28 Feb 2008
It may also surprise you that taxation of non-doms was not the one and only reason I came to the UK in the first place three years ago.
If you have been buying the various ‘research’ gush that has been splashed everywhere recently, you would probably think that I am the only non-dom in Britain who is not booking a plane ticket to Switzerland.
I suspect, however, that I am not alone in planning to happily stay on in the UK, irrespective of the changes.
What so many commentators and experts have failed to recognise is that the UK has so much more to offer foreign professionals and businessmen other than generous tax breaks.
Yes, the special tax treatment for non-doms may be an added bonus for some foreign workers, but well-developed infrastructure, a skilled workforce, excellent location, rich heritage and fantastic lifestyle almost certainly play a much bigger role in attracting people to the UK than esoteric tax issues.
I accept that the way Alistair Darling introduced the non-dom changes, especially the rushed nature of the reforms and retrospective move on money held in off-shore trusts, could have been handled much better.
But although the execution was botched, the policy itself does make for a fairer tax system.
Finally, despite what the scaremongers say, I am confident that the UK economy will be just fine under the new non-dom regime.
Nicholas Neveling is a reporter on Accountancy Age
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Visitor comments Add your comment
oh dear!
Dear Nicholas,
I get the impression that although technically you are a non-dom but you do not make use of the remittance basis taxation and your views are based on that fact that you do not have an overseas source of income.
And if you were generating large amounts of capital gains overseas as an editor of a UK based journal you would be reading books on telecommuting before I could say other foot.
Given your circumstances your argument is rather pointless because you have absolutely nothing to lose from the change in policy and you will not be required to pay the extra £30,000 levy.
Your article is as misleading as saying that as the owner of an SUV you are in favour of the £25 congestion charge but failing to say that you never drive it.
Everybody has a right to be smug but nobody has a right to be misleading.
Posted by: MJ, 28 Feb 2008 | 00:00
UK is great, but been there done that
I am leaving. With the extra 30000 I will pay GBP 90,000 tax in the UK. I can go to another large EU country which is sunnier, lower costs, better food and only pay GBP 25,000 a year on the same income. Yes, UK had some nice things but, been there done that. With the extra GBP 60,000 a year I will be saving I'm quite happy. I will also be firing my nanny and my secretary and replacing them at half the cost (so I pocket the difference). My wife will also stop paying tax in the UK and pay it on a lower basis. We are grateful that the levy has been considered because it helped us decide. Don't get me wrong, I've loved the UK but been there and done that. Anyway I can always come 90 days a year to show my tan and greater disposable income!
p.s. when we leave, we will leave a shortfal of GBP 100,000 a year which those of you who stay will have to pay. Thank you.
Posted by: Jerome, 28 Feb 2008 | 00:00