TaxPersonal TaxBudget2011: New charge for non-doms

Budget2011: New charge for non-doms

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

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)

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