Budget 2003: Non-domiciles tax treatment reviewed
The Inland Revenue is to publish a consultation paper on reforming the tax treatment of non-domiciles in the UK, Gordon Brown said.
Link: Budget special
The move in this lunchtime’s Budget follows an Inland Revenue tax ruling which came into force this month that has forced Mohamed Al Fayed, the charismatic Harrods’ owner who has been seeking British citizenship for over a decade, to pack his bags and relocate to Geneva.
The ruling brought to an end a special agreement that limits his tax on foreign earnings to £240,000 a year.
More on the proposals will follow later.