NON-DOMS WHO have lived in the UK for 12 years will be charged a fee of £50,000 to avoid paying tax on overseas income.
The £30,000 charge for non-doms who have been here for seven years will remain, chancellor George Osborne said.
However, he said he will remove the remittance basis on all monies being brought into the UK for investment into UK businesses.
There will also be a statutory residency test introduced.
(picture © 38 Degrees)
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy