Non-dom changes will cost UK £2bn
'Capital flight' of wealthy foreigners will cost the Treasury £2bn
The findings of new research have warned that the changes to non-dom rules
could cost the Treasury more than £2bn.
According to figures compiled by the Society of Trust and Estate
Practitioners (STEP) the Treasury’s estimates that it will raise £800m a from
the levy will be dwarfed by £2.1bn in lost tax receipts as the wealthy
foreigners leave the UK for other jurisdictions.
Under the new rules non-doms will have to pay an annual £30,000 levy to keep
foreign income free from UK tax.
The draft legislation is open to consultation until the end of the month,
raising hopes that there still is time to address these concerns, The Daily
Telegraph reports.
Further reading:
City banks hit by non-dom chaos
Lord Mayor of London attacks non-dom
policy