Chancellor Alistair Darling is to issue a consultation to tackle the tricky
subject of taxing non-domiciles. Any scheme, he said would have to be ‘fair,
workable and affordable’.
Rubbishing proposals made by the Conservatives at their conference last week
of a flat rate of £25,000 for non-domiciles raising £3.5bn, Darling said that
the actual income would be closer to £650m a shortfall of nearly 2bn.
Instead the government will look at a scheme to charge non-doms after seven
years, with a higher rate being introduced after ten, and systems to catch out
those claiming not to live in the UK who actually do.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
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
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals