Property chiefs add to non-dom concerns
Commercial property chiefs have added their voice to fears over a government crackdown on non-doms
Plans to tighten rules on bringing money back to the UK by non-doms could
seriously damage the property industry.
Savills, which says that non-doms account for 70% of homes sold over £4m, has
warned the moves could add to existing fears about the prospects for London real
Non-doms will have to pay a £30,000 fee if they are here for more than seven
years, under well-publicised changes, but the government is also planning a more
wide-ranging attack on the trust set-ups non-doms use to bring capital into the
UK, tax institutes have warned.
Nigel Barker, tax partner at
told the Financial Times: ‘There is a substantial number of that type
of investor who is non-domiciled and has been able to make capital gains free of
UK tax. At present property can be sheltered from UK tax. That is going to be
difficult going forward, using the same structures.’