Tory plans to abolish non-dom status riddled with loopholes, Labour says

4 comments

1. Hmmm, why am I not surprised given the PM’s wife, and lots of Tory donors.

   General Election NOW!!!!

2. It wouldn’t be a Tory policy if it didn’t have protection for mates.

3. Labour aren’t entirely wrong (the inheritance tax loophole is blatant) but their press release definitely exaggerates and the “journalist” has just regurgitated in lieu of understanding the subject. The proposals are actually pretty far reaching (far further than Labour went in 2007/8).

   For example, he says the PM’s wife has elected to be taxed on worldwide income “but she did not give up her non-dom status”.

   It isn’t possible to give up your non-dom status. It’s a question of fact rather than an election you can make.

   The much bigger issue, that every journalist seems to have missed, is that you can elect to be taxed on the remittance basis (only paying tax on UK income) retrospectively for up to four years. That means that when Rishi is kicked out later this year, his wife can refile her tax return for the last few years (or maybe just send a letter) and get a refund of any tax she’s paid on offshore income.

4. Taxes across the board ….. everyone pays accordingly.Why are governments shying away from this .