I think abolishing non dom as a whole is probably a bad idea, it’s useful for some & for sure has legitimate uses.
When your a billionaire though you shouldn’t be allowed to use certain things, you’ve got enough cash that you shouldn’t be able to use loopholes to save cash.
Hell I’d say anyone valued over 20m should be excluded from certain projects.
People asking for legitimate uses: embassy workers who are over here for extended periods of time are probably one of the more acceptable answers, overseas specialists who are here on project work & don’t wanna get screwed for also having interests outside the country.
I love how I pointed out how the rich should be excluded and unable to use these systems yet people still wanna act like I’m some tory sympathiser. I get you guys are pissed about the chancellor stuff, but pretending like the system is only used for tax evasion is naive, are the rich taking advantage? Fuck yes, but does it have edge cases where its useful for actual working people… Also yes.
Non-Dom status for the vast majority of people is quite fair as it stands though.
I have been a “Non-Dom” for most of my working life because until fairly recently I didn’t live here in the UK and paid local tax in what ever country I was working in. I now live in the UK and obviously I’m happy to pay UK tax on my earnings, as I have been paying tax on any money I have “imported” back to the UK over the years whist I was abroad.
To remove Non-Dom status would mean that, like US citizens I would have been taxed twice on my fairly merger earnings. I think like many people who were original US citizens and now live in the UK and further abroad, I would have renounced my country of birth and become a different nationality purely for economic reasons – I mean, why would you hold any alliance what so ever to a country that fucks you over like that?
What needs to be addressed is the quantity of income that is imported during your 91 day stay in the UK on a sliding scale. I think it’s fair to keep up to £100k p/a if you have already been taxed on it somewhere in the world, but over that or if it can be classed as business profit there should be a sliding scale that means if you spend your time fliting between say the US, India and the UK and you keep investing £10m a year into British dependency holdings – you get clobbered for it.
Edit: Seems like I was a Non resident but I wasn’t Non Domicile so please disregard this as a load of rubbish.
There’s a much simpler way to do this.
Until a few years ago a non-domiciled person could have remittance basis treatment — which means you just pay tax on what you bring to the UK — forever. Now you acquired deemed-domicile if you’ve been in the UK for 15 of the last 20 years. It doesn’t change your domicile, it just means you’re taxed as if you were UK-domiciled.
Just lower that period. 5 of the last 20 year would allow loads of leeway for people working temporarily in the UK. Or 4, or 3…
I’d also suggest that non-doms should also be required to account to HMRC for the clean capital they have when they arrive. This is because they’re allowed to live off this without triggering a remittance. *(Fair enough, it’s pre-UK money.)* But, it’s impossible to police that without asking you to account for what clean capital you started with. Some people want to maintain their privacy and not do this, which is fine, because then they can’t have the benefit of remittance basis taxation.
Poor submissives, they always seem to take a whipping.
Yes. Definitely get rid of it.
The UK needs to rebuild its economy to focus on manufacturing, food and services that improve the lives of normal people.
Money made from serving billionaires is no foundation for an independent state.
Billionaire investors can still come here – Non-Dom is only useful for those who want to live here, enjoy our society and contribute nothing.
Can we abolish Dim Doms as well?
We need a new Deputy PM…
It always strikes me that if you have a load of money their are loads of rules to help u avoid tax.
If you earn a regular amount your stuck paying the max amount.
7 comments
I think abolishing non dom as a whole is probably a bad idea, it’s useful for some & for sure has legitimate uses.
When your a billionaire though you shouldn’t be allowed to use certain things, you’ve got enough cash that you shouldn’t be able to use loopholes to save cash.
Hell I’d say anyone valued over 20m should be excluded from certain projects.
People asking for legitimate uses: embassy workers who are over here for extended periods of time are probably one of the more acceptable answers, overseas specialists who are here on project work & don’t wanna get screwed for also having interests outside the country.
I love how I pointed out how the rich should be excluded and unable to use these systems yet people still wanna act like I’m some tory sympathiser. I get you guys are pissed about the chancellor stuff, but pretending like the system is only used for tax evasion is naive, are the rich taking advantage? Fuck yes, but does it have edge cases where its useful for actual working people… Also yes.
Non-Dom status for the vast majority of people is quite fair as it stands though.
I have been a “Non-Dom” for most of my working life because until fairly recently I didn’t live here in the UK and paid local tax in what ever country I was working in. I now live in the UK and obviously I’m happy to pay UK tax on my earnings, as I have been paying tax on any money I have “imported” back to the UK over the years whist I was abroad.
To remove Non-Dom status would mean that, like US citizens I would have been taxed twice on my fairly merger earnings. I think like many people who were original US citizens and now live in the UK and further abroad, I would have renounced my country of birth and become a different nationality purely for economic reasons – I mean, why would you hold any alliance what so ever to a country that fucks you over like that?
What needs to be addressed is the quantity of income that is imported during your 91 day stay in the UK on a sliding scale. I think it’s fair to keep up to £100k p/a if you have already been taxed on it somewhere in the world, but over that or if it can be classed as business profit there should be a sliding scale that means if you spend your time fliting between say the US, India and the UK and you keep investing £10m a year into British dependency holdings – you get clobbered for it.
Edit: Seems like I was a Non resident but I wasn’t Non Domicile so please disregard this as a load of rubbish.
There’s a much simpler way to do this.
Until a few years ago a non-domiciled person could have remittance basis treatment — which means you just pay tax on what you bring to the UK — forever. Now you acquired deemed-domicile if you’ve been in the UK for 15 of the last 20 years. It doesn’t change your domicile, it just means you’re taxed as if you were UK-domiciled.
Just lower that period. 5 of the last 20 year would allow loads of leeway for people working temporarily in the UK. Or 4, or 3…
I’d also suggest that non-doms should also be required to account to HMRC for the clean capital they have when they arrive. This is because they’re allowed to live off this without triggering a remittance. *(Fair enough, it’s pre-UK money.)* But, it’s impossible to police that without asking you to account for what clean capital you started with. Some people want to maintain their privacy and not do this, which is fine, because then they can’t have the benefit of remittance basis taxation.
Poor submissives, they always seem to take a whipping.
Yes. Definitely get rid of it.
The UK needs to rebuild its economy to focus on manufacturing, food and services that improve the lives of normal people.
Money made from serving billionaires is no foundation for an independent state.
Billionaire investors can still come here – Non-Dom is only useful for those who want to live here, enjoy our society and contribute nothing.
Can we abolish Dim Doms as well?
We need a new Deputy PM…
It always strikes me that if you have a load of money their are loads of rules to help u avoid tax.
If you earn a regular amount your stuck paying the max amount.