View more on these topics

PBR: Grant Thornton warns non-dom clock began ticking in 2001

Grant Thornton has warned non-doms that have been resident in the UK before April 2001 will begin paying the Government’s new charges from April 2008.

In his Budget Speech, Alistair Darling rejected Conservative plans for a £25,000 annual non-dom levy as it would discourage people coming to this country for short term work.

Instead the Government will introduce a seven and 10 year charge to target those who may be evading tax by disguising income as capital, falsely claiming they are out of the country or claiming two allowances.

Anyone who became a resident in the UK before April 2001 will begin paying a £30,000 levy from April 2008.

Grant Thornton says there may also be hidden tax charges to consider for non doms who have established holding structures and family trusts outside the UK.

It says non-UK residents also face a change in the way the number of days per year spent in the UK is calculated to avoid a full tax charge.

Grant Thornton senior tax partner Mike Warburton says: “The number of non-doms likely to pay any charge has been hotly debated by political parties over the past few days. “the truth is that no one has a definitive answer because the Treasury do not have the required data. This is because non-doms are not required to provide information on their overseas income unless the income is brought into the UK.”


Healthy future is predicted for PruProtect

Advisers are saying that PruProtect, the new product from Prudential and Discovery’s joint venture PruProtection, will make a bigger splash than Pru’s previous flexible protection plan primarily because it is more competitive.Lifesearch head of protection strategy Kevin Carr says: “The product is more competitive than it was before so it will be a bigger issue […]

Good day at the office

Prospects continue to look encouraging for the commercial property sector

Safran steps down at Trigold

Trigold chief executive Bill Safran is standing down at the end of October to pursue other interests.Safran has been with the mortgage sourcing system for seven years, having held a number of roles before becoming chief executive in March 2005.Martin Colyer will be promoted to managing director and will run the firm until a new […]


Andrew fisher

Honesty and integrity are just two qualities that Towry Law’s chief executive most values and they have no doubt helped him map a successful career path. But his outspokenness doesn’t come without its critics, as can be seen by his company’s departure from Aifa. However, he says these “differences” of opinion should not stop him from achieving his ultimate goal – for Towry Law to be the biggest wealth adviser in the UK in five years. Interview by Will Henley


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