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
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans