Tories look to hit non-doms on tax
01 Oct 2007, Kevin Reed, AccountancyAge
http://www.accountancyage.com/aa/news/1771707/tories-look-hit-doms-tax
Non-domiciles will face tougher tax treatment under a Conservative government, the party is expected to announce today.
Shadow chancellor George Osborne will announce a package of tax changes, including easing the inheritance tax regime.
However a plan to take more tax from non-doms is expected to be among the biggest of his announcements.
The current government has received criticism for not changing tax rules to target non-doms.
The Tories could also introduce a new pension compensation scheme.
Chancellor Alistair Darling described the plans as 'a mass of contradictions', reported The Guardian.
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Visitor comments
Firm but fair
I am a non-dom. The current law is ridiculous and we should move to a world income system for residents, such as almost every other major country has.
Not all non-doms have zillions in foreign earnings. I have about £7k a year of unremitted foreign income (on which I pay tax in my own country anyway). This situation is surely more common than the abuse they are seeking to stop and shows how ill though-out this proposal is.
There are more than five million foreigners resident in the UK and masses of them will have small amounts of unremitted foreign income. Are we all to ask for the foreign income pages, get bank statements to cover the (peculiar) UK tax year, calculate the income at the prevailing rate of exchange, submit the claim for double tax relief, etc, etc? Talk about creating work for the sake of it!
George, please engage your brain before making policy statements.
Posted by: Joe , 02 Oct 2007 | 00:00