TaxPersonal TaxThat’s enough non-dom nonsense

That's enough non-dom nonsense

I am a non-domiciled resident, and believe it or not I am not packing my bags and about to flee the UK when the controversial changes to non-dom taxation come into force in April

Nicholas Neveling, AccountancyAge

It may also surprise you that taxation of non-doms was not the one and only
reason I came to the UK in the first place three years ago.

If you have been buying the various ‘research’ gush that has been splashed
everywhere recently, you would probably think that I am the only non-dom in
Britain who is not booking a plane ticket to Switzerland.

I suspect, however, that I am not alone in planning to happily stay on in the
UK, irrespective of the changes.

What so many commentators and experts have failed to recognise is that the UK
has so much more to offer foreign professionals and businessmen other than
generous tax breaks.

Yes, the special tax treatment for non-doms may be an added bonus for some
foreign workers, but well-developed infrastructure, a skilled workforce,
excellent location, rich heritage and fantastic lifestyle almost certainly play
a much bigger role in attracting people to the UK than esoteric tax issues.

I accept that the way Alistair Darling introduced the non-dom changes,
especially the rushed nature of the reforms and retrospective move on money held
in off-shore trusts, could have been handled much better.

But although the execution was botched, the policy itself does make for a
fairer tax system.

Finally, despite what the scaremongers say, I am confident that the UK
economy will be just fine under the new non-dom regime.

Nicholas Neveling is a reporter on Accountancy Age

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