Mark Davies, MD of Mark Davies & Associates, writes to the Independent and the Financial Times (FT) to defend the non-domicile tax regime:
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 2012/13 (the most recent available figures). Of these, 64,000 paid tax on their worldwide income and gains, with only 46,700 electing to pay tax on a non-dom or remittance basis.
Collectively non-dom taxpayers paid approximately £8.27bn of income tax and NI contributions in 2012-13. Those who claimed the remittance basis on average paid tax of £132,762 per person. This means that each non-dom claiming the remittance basis contributes on average 25 times more to the Treasury than the average UK taxpayer.
On these figures, we should encourage non-dom status, not scrap it.
Managing director, Mark Davies & Associates, Accountants, London WC2