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Friday
Apr302010

Non Dom Status Limited Under Liberal Democrats

It has to be said that the chances of the Liberal Democrats winning the forthcoming election are exceedingly slim.  But their manifesto still makes interesting reading – particularly the section I read yesterday which pointed to potential changes regarding those who have non dom status.

The party wants to overhaul the current system regarding non domiciled status.  Basically non doms do not currently have to pay tax on any earnings they bring in that have been earned in a foreign country.  The Lib Dems want to put a seven year limit on this; after those seven years have gone by, those with non dom status will have to pay the required amount of tax on those earnings.

There is always a certain emptiness, I feel, in reading the election manifesto for the Liberal Democrats.  We know they will never win the election - not yet anyway – and so the changes they propose will not take place, much to the relief of those who have non dom status at present.

But we should be aware that in the event of a hung parliament, the Lib Dems may have more of a say than if we have an outright winner.  Both Labour and the Tories would seek support from the Lib Dems, so it could be that some of these issues will come to the fore if a hung parliament is announced in the early days of May 2010.

Whatever your current status is, if you are a non dom now or you are thinking of changing your position to become a non dom, you can discuss your tax position with the experts here at StMatthew. Simply use the contact link above to get the ball rolling.

 



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