View more on these topics

PBR: Darling calls for 7 and 10-year tax charges for non-doms

Alistair Darling has announced that he will consult on levying tax charges on
non-domiciled UK residents who have lived in the UK for seven years.

Darling said a higher rate would apply after 10 years of residence and he will work to prevent people from evading tax by disguising income as capital, falsely claiming they are out of the country or claiming two allowances.

Darling rebuffed Tory calls for a flat rate annual charge of £25,000 on 150,000 non-domicile taxpayers, which it was claimed could raise £3.5bn.

He said: “There are in fact only 115,000 registered non-domiciles. If the charge of £25,000 was imposed, only an estimated 15,000 would earn sufficient money abroad to make it worthwhile to maintain non-domicile status.

“As a result, the combined effect of people paying this charge or changing their tax status would be revenue not of £3.5bn, but £650m a year at most. A shortfall of more than £2bn.”

Darling added that charging a flat rate would discourage professional workers from coming to the UK in the short term.

He said: “…such a charge could discourage men and women – doctors and nurses, businessmen and women – from entering this country for short term work and who do pay tax on their earnings here and who do contribute to the country’s wealth. We don’t want to turn them away.”


Stamp of approval

The mortgage industry has welcomed Tory plans for stamp duty to aid FTBs but believes that more sweeping changes are needed

Consumers regard annuities as “legalised robbery”

Consumers regard annuities as “legalised robbery” and have completely disengaged from pensions as a retirement vehicle according to The Pensions Report 2007.The Report which is out today, found that the public have a deep distrust of government, pension providers and advisers.But The Pensions Report chairman Malcolm Small says it is not all bad news for […]

Lawyer’s warning to advisers over Newcob changes

Advisers need to ensure that they are fully compliant with the changes to Newcob introduced to coincide with Mifid so as not to open themselves up to legal liabilities, says leading financial services lawyer Simon Morris.The CMS Cameron McK-enna partner says he believes advisers are being too complacent about the changes that will take place […]

PBR: Mortgage industry disappointed with Govt failure to make changes to stamp duty

The mortgage industry has reacted with disappointment at the Government’s failure to make any changes to stamp duty tax in order to help first time buyers in its pre-budget report today.Stroud and Swindon Building Society sales and marketing director Paul Chafer says: “We expected great things from a potential review of housing taxes, yet once […]

Investment Forum

Position Portfolios for a Changing China, Accelerating Disruption and More Political Discourse Is China an asset class? Why Investors’ Understanding of China is Changing How is disruption changing the way we invest? Established Ways of Doing Business Are Being Challenged What to Watch: Why politics matters more than ever in 2017 Key takeaways: Despite volatile […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm