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LibDems call for 10 year limit on non-dom status

The LibDems have written to the Prime Minister calling for the removal of non-domicile status for anyone who has been a resident in the UK for 10 years or more.

LibDem Shadow Chancellor Vince Cable says Conservative plans to hit all non-doms with a £25,000 flat rate annual tax are impractical and based on revenue assumptions that are too optimistic.

In the letter, Cable also called on Brown to release the findings of a Government inquiry into non-dom status. It was commissioned five years ago but has never been published.

The letter says: “A poll tax on non-doms would be prohibitive for the large number of non-domiciles of modest means, but would be a flea bite for the fat cats. The Tories’ charge would probably seem to Mr Abramovich not much more than a round of drinks at half time at Stamford Bridge.

“Our proposal seeks to deal with the abuse of the system, whereby people keep their privileged tax status for many years, and indeed pass it from one generation to the next.

“What really sticks in the throat is when people become active in political life, particularly as members of the House of Lords or as advisers to ministers, who turn out to have privileged tax positions despite having lived in Britain for many years.”


Trustee steeds

A lot may ride on a life policy being written in trust so why are so few clients harnessing them? By Will Henley

McAteer says public would suffer if Icob is changed

Consumer advocate Mick McAteer says the FSA’s proposed changes to the Icob regime are likely to be detrimental to consumers and the market.In a report commissioned by Unum, McAteer says consumers will be worse off bec-ause the proposal to separate products into simple and complex categories puts income protection products at a disadvantage as it […]

Tomorrow backtracks on withdrawal of Sipp option saying it was a mistake

Tomorrow says it mistakenly issued letters to 15,000 customers and 4,000 advisers telling them it would be withdrawing the self-investment option on its closed book of deferred Sipp business from January 2008.As reported in this week’s Money Marketing, Tomorrow’s closed book of personal pensions and drawdown policies is administered by Admin Re, the admin arm […]


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