The number of people claiming non-domicile tax status has significantly
increased in the wake of the government’s amnesty for offshore bank accounts.
Revenue & Customs has said that 112,000 taxpayers claimed to be
non-domiciled in the UK in 2004/05 to avoid paying income and capital gains
But tax experts have confirmed an unprecedented surge in non-dom applications
for this tax year that could push the number over 200,000,
‘People are telling the Revenue that they meant to sign non-dom forms and
that not filling them in was an oversight. The amnesty is pushing people further
offshore,’ one tax expert told the newspaper.
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