> #One in five top UK bankers have gained from ‘non-dom’ tax status – study
>
> **LONDON, April 7 (Reuters) – More than one in five bankers earning at least 125,000 pounds ($164,000) a year in Britain have benefited from non-domiciled tax status, as have many high-paid workers in other sectors, a study showed on Thursday.**
>
> Non-dom status – which exempts more than 75,000 mostly foreign nationals in Britain from tax on overseas income – has raised questions about the fairness of the tax system, as it overwhelmingly benefits the very rich.
>
> The research from the University of Warwick and the London School of Economics showed that just 0.3% of British taxpayers earning under 100,000 pounds in 2018 had claimed non-dom status at some point in the past 20 years. By contrast, 27% of taxpayers earning 1-2 million pounds had done so.
>
> Two in five top earners in the oil industry, one in four car industry executives and one in six top-earning sports and film stars also benefited from the status.
>
> *”The biggest shock might be to bankers and others working in City jobs, when they realise how many of their colleagues are benefiting from a tax regime they don’t have access to,”* said Arun Advani, an assistant economics professor at the University of Warwick.
>
> Non-dom status is only available to British residents who claim that their ‘domicile’ – the centre of their personal and financial interests – is outside the United Kingdom.
>
> The top three nationalities for non-doms in 2018 were the United States, India and France, and 93% were born outside the United Kingdom.
>
> Non-doms were most likely to live in central London and around 80% of them reported their main source of income was from employment or a pension, while 20% lived off investment income or other overseas earnings.
>
> *”A significant minority of non-doms do appear to be the ‘rentier rich’,”* the report said.
>
> The research is based on anonymised individual tax data from 1997 to 2018 provided by Britain’s revenue office.
>
> ($1 = 0.7642 pounds)
If you live here and benefit from living here, you pay ALL your taxes here.
It’s a fucked up system when alleged citizens get all the security and benefits from residing in the UK, but can pay tax at a lower level abroad.
And struggling families, single parents etc would be absolutely hounded by debt collectors, threats and letters of punishment if even a penny was missing from their tax bill
I would like to be non-dom for tax reasons too. Do you think my Tory MP will help me with the forms if I write them a letter?
I’m not surprised a lot of bankers are called Dom, but 80% seems a bit high.
Nom dom dates back from the age of the British empire I believe.
I think it is less of a problem than how international companies are taxed. Maybe we could work out how to stop the UK subsidiary paying the european based one a big chunk of profits as some sort of “loan” to avoid corporation tax as a start
6 comments
> #One in five top UK bankers have gained from ‘non-dom’ tax status – study
>
> **LONDON, April 7 (Reuters) – More than one in five bankers earning at least 125,000 pounds ($164,000) a year in Britain have benefited from non-domiciled tax status, as have many high-paid workers in other sectors, a study showed on Thursday.**
>
> Non-dom status – which exempts more than 75,000 mostly foreign nationals in Britain from tax on overseas income – has raised questions about the fairness of the tax system, as it overwhelmingly benefits the very rich.
>
> The research from the University of Warwick and the London School of Economics showed that just 0.3% of British taxpayers earning under 100,000 pounds in 2018 had claimed non-dom status at some point in the past 20 years. By contrast, 27% of taxpayers earning 1-2 million pounds had done so.
>
> Two in five top earners in the oil industry, one in four car industry executives and one in six top-earning sports and film stars also benefited from the status.
>
> *”The biggest shock might be to bankers and others working in City jobs, when they realise how many of their colleagues are benefiting from a tax regime they don’t have access to,”* said Arun Advani, an assistant economics professor at the University of Warwick.
>
> Non-dom status is only available to British residents who claim that their ‘domicile’ – the centre of their personal and financial interests – is outside the United Kingdom.
>
> The top three nationalities for non-doms in 2018 were the United States, India and France, and 93% were born outside the United Kingdom.
>
> Non-doms were most likely to live in central London and around 80% of them reported their main source of income was from employment or a pension, while 20% lived off investment income or other overseas earnings.
>
> *”A significant minority of non-doms do appear to be the ‘rentier rich’,”* the report said.
>
> The research is based on anonymised individual tax data from 1997 to 2018 provided by Britain’s revenue office.
>
> ($1 = 0.7642 pounds)
If you live here and benefit from living here, you pay ALL your taxes here.
It’s a fucked up system when alleged citizens get all the security and benefits from residing in the UK, but can pay tax at a lower level abroad.
And struggling families, single parents etc would be absolutely hounded by debt collectors, threats and letters of punishment if even a penny was missing from their tax bill
I would like to be non-dom for tax reasons too. Do you think my Tory MP will help me with the forms if I write them a letter?
I’m not surprised a lot of bankers are called Dom, but 80% seems a bit high.
Nom dom dates back from the age of the British empire I believe.
I think it is less of a problem than how international companies are taxed. Maybe we could work out how to stop the UK subsidiary paying the european based one a big chunk of profits as some sort of “loan” to avoid corporation tax as a start