TaxPersonal TaxWealthy foreigners to lose tax benefits

Wealthy foreigners to lose tax benefits

Chancellor Gordon Brown is to press ahead with his abolition of tax rules that benefit wealthy foreigners living in Britain.

Link: Brown clamps down on super rich tax deals

There are an estimated 60,000 people living in the UK that benefit from the 200-year-old loophole, and Brown is expected to provide an update to the reforms in his pre-Budget report next month.

Officials at Whitehall expect closing the loophole – which Labour promised to do while it was in opposition – will earn the treasury an extra £1bn.

Present rules allow UK residents with non-domicile status to avoid paying tax on their overseas income. A group of Greek shipping owners based in London are leading the fight against any changes.

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