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.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy