View more on these topics

Non-doms face extra £50k tax

Non-domiciled individuals will face a further £50,000 flat-rate tax once they have been in the UK for 12 years.

Chancellor George Osborne announced the new rate in this week’s Budget, saying “we can ask more” of those who have been here longer.

Non-doms who have been living in the UK for more than seven years but less than 12 will remain subject to the £30,000 charge introduced by Labour in 2008.

The charges will not be levied on those remitting money to the UK for the purposes of investing in British business.

The reform is the product of a review of non-dom taxation announced in last year’s emergency Budget in June.

The Government will consult in June before it legislates for the changes in next year’s Finance Bill and the changes are expected to come in from April 2012.

Part of the consultation will include the development of a statutory definition of residence to end confusion over what constitutes non-dom status.

Osborne said he expects the new tax to raise £200m by 2015.

Recommended

86% Of IFAs are taking action to combat climate change

Nearly nine in 10 IFAs are taking practical steps to reduce their firms’ contribution to climate change, according to research by Aviva. Its research, commissioned for Climate Week, shows 86 per cent are already taking positive action and 59 per cent say they would like to do more. Twenty-four per cent of IFA firms have […]

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment