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
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The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
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