Rishi Sunak’s accountants urge retention of non-dom status — Evelyn Partners recently confirmed PM made around £5m in past three years, mostly through investments
Rishi Sunak’s accountants urge retention of non-dom status — Evelyn Partners recently confirmed PM made around £5m in past three years, mostly through investments
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Excerpt from the linked content^1 by Kiran Stacey:
>Rishi Sunak’s accountancy firm, a wealth management company that argued against removing non-domiciled status, has welcomed the government’s tax breaks for wealthy savers and promises to minimise clients’ capital gains tax.
>His accountancy firm calls itself a “global network for global clients” promising to help manage their offshore assets and take advantage of the UK’s tax code by using capital gains tax.
>It also promises to help set up “complex tax-advantaged investments” for its clients.
>Evelyn Partners signed off on the three-page summary of the prime minister’s tax affairs which Downing Street released this week, showing that Sunak made around £5m in the last three years, mostly through his US-based investment fund.
>That statement was released after months of delays and in the middle of Boris Johnson’s testimony to parliament about Partygate, giving a sense of the sensitivity of the issue for the prime minister.
^1 Kiran Stacey for The Guardian, 25 Mar. 2023, https://www.theguardian.com/politics/2023/mar/25/rishi-sunaks-accountants-urge-retention-of-non-dom-status
“its not tax evasion so long as you pay my friends to set it up for you”
5m over 3 years sounds very low – unbelievably low if his NW was accurately reported in the past isn’t it?
I don’t get it
I personally believe the non-dom statut should be abolished.
This statut ensures that you can earn millions a year and pay a lower tax rate than the middle class.
According to people who defend this system, the UK is not a great country. The UK is a miserable place like Dubai and has nothing attractive (world class universities, art museums, etc…) except it’s tax rate. Basically the UK should get on it knees, begging the ultra-rich to move here in order to boost the economy.
The arguments defending this system are flawed.
https://www.lse.ac.uk/News/Latest-news-from-LSE/2022/i-September-22/Abolishing-the-non-dom-regime-would-raise-more-than-3.2-billion-each-year-finds-new-report
So?
I don’t understand the headline. He paid little tax because it was capital gains, not because he was a non dom
Why would anyone support non doms, other than non doms themselves, and people who get rewarded for helping others avoid tax?
Accountants have an ethical obligation to advise their clients as to the best (legal) course of action. Obviously if there are legal ways to reduce someone’s tax burden, the firm will advise the client to do so. I certainly wouldn’t blame the accountancy firm!
So…BoJo’s just done a full real-life The Thick of It enquiry episode not two seconds ago and this sub has just brushed it off. Literally said ‘misremembering’ at one point. Very absurd.
There’s going to be a point where the people in this country who are nice and friendly end up openly asking for these people to be hanged
And that is the reason a millionaire wants a 160k a year job.
Whats with this dishonest headline? Rishi is not a non-dom – is wife might be but thats a separate issue.
If Rishi made £5m from investments then he would pay gains tax on that as a UK resident. So why does this headline conflate that with his wife’s non-dom status?