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
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
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
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article