Non-doms bolster Treasury coffers by £3bn
Treasury minister says non-domiciled residents boost revenues by £3bn
Kennedy , the recently appointed Treasury Minister, has revealed
that non-domiciled residents pay £3bn in tax on their £10bn UK income.
The figures, calculated for 2004/2005, are the most recent giving an
indication of the value that non-doms create for the economy, even though they
pay no tax on foreign income.
The controversial non-dom rules are currently undergoing a review by the
Treasury. The rules have enraged tax activists and unions who claim they are
Treasury Select Committee , which has just conducted a series of
high profile hearings into private equity, is also expected to investigate the
taxation of non-domiciled residents.
The City and maritime industry has been very supportive of the non-dom
regime, as both sectors believe that it attracts talent into the UK and keeps
the economy competitive and attractive.