Non-doms tax bonanza raises house prices
Tax breaks for the super-rich are causing a damaging knock-on effect for the minnows attempting to get on the property ladder
Tax advantages gifted to non-domiciled individuals are being blamed
for rocketing house prices at the bottom end of the market.
Non-doms are indulged by the British
tax system as they only pay tax on earnings made in the UK, while their offshore
operations are exempted from levies.
The offshore trusts used by non-doms are also utilised to pay far less stamp
duty, leading to a boom last year that caused an overall rise in prices across
A study by the estate agent group Savills showed that 68% of homes worth a
minimum of £5m were snapped up by foreign buyers last year.