With the Conservative Government on course for re-election the UK is open for business for foreign investment. It will come as a great relief to many that Labour’s sweeping proposals to reform the tax regime for foreign domiciliaries or “non-doms” will now be quashed, at least for another five year Parliamentary term. For the next…
DetailsRevised visa rules have implications for non-doms’ tax liabilities Sergei is domiciled in Russia. He is a shareholder and director of a British Virgin Island company which owns interests in Russian companies. In turn, Sergei sits on the board of directors for these companies. Sergei intends to spend more than six months each year in…
DetailsLet’s imagine a state with only 25 people living in it. Say they collectively agree to let a wealthy foreign taxpayer join them, thereby reducing their collective tax burden by half. Let’s say that the foreign taxpayer pays proportionately less than the state’s wealthiest citizens, but less than he would normally pay in the state…
DetailsAn essential update for foreign domiciliaries and their advisers On 18th March George Osborne revealed his 6th and final Budget before the General Election. On the whole, there were few significant changes in personal taxation for the moderately well off. The Chancellor set the tone when he said that the top 1% of earners will now…
DetailsSir, I am surprised at the recent criticism of the “non-domicile” tax regime. My recent Freedom of Information request to HM Revenue & Customs revealed that there were only 110,700 non-doms in the tax year 2012-13 (the most recently available figures). Of these, 64,000 paid tax on their worldwide income and gains, with only 46,700…
DetailsMark Davies, MD of Mark Davies & Associates, writes to the Independent and the Financial Times (FT) to defend the non-domicile tax regime: Dear Sir, I am surprised at recent articles criticising the “non-domicile” tax regime. My recent Freedom of Information request to HMRC revealed that there were only 110,700 non-doms in the tax year…
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