Non-dom rules could 'kill golden goose'
Lord Balfour says new charge could damage tax revenues from resident non-domiciled individuals.
Lord Balfour has called for a rethink of changes to the non-domiciled tax
rules, saying that the proposed new rules could ‘kill the golden goose over
time.’
Lord Balfour, the great-nephew of Liberal Prime Minister Arthur Balfour, says
in a
letter
to the Financial Times today that drafting new tax rules ‘is proving hard’.
Many non-doms are already contributing significant amounts to the Treasury,
Lord Balfour says, who himself pursued a career in the City.
‘There is widespread political agreement that wealthy migrants in the UK
should contribute more by way of tax, but the mooted new rules could kill the
golden goose over time.’
Lord Balfour also
outlines
what he sees as a more moderate approach to the problem.
Further Reading:
Read
Lord Balfour’s letter: ‘Fair taxation of non-doms’