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Saturday
May012010

Dragon’s Den Star Joins War Against Non Dom Business Owners

There are definite tax advantages for those UK business owners who earn a fortune but don’t pay tax on their earnings from abroad.  I can understand why this area is always fraught with controversy, but reading Duncan’s comments recently brought these reasons firmly into the public eye.

Duncan’s comments were directed at another judge on the programme, who has non dom status – unlike Duncan himself.  As well as judging on the programme, Duncan Bannatyne is famous for the string of gyms and fitness centres that bear his surname.  His company is required to pay Corporation Tax.  But he states that as someone who lives and works in the UK, his business pays more in Corporation Tax than businesses who take advantage of non dom status.

I can see his argument.  He is saying that if non doms are paying less in tax they have a business advantage which could harm those who do stay in the UK and pay the full rate of tax due.  Apparently he is good friends with the judge, James Caan, so it will be interesting to see if their friendship remains as strong after this.

The Tories want to introduce a levy on non doms if they win the election.  The Lib Dems also want to reduce the number of years non doms can get away without paying UK taxes on earnings from abroad.   A quick search of the Labour manifesto revealed no mention of altering non dom status.

Regardless of who wins and what changes are eventually made to the non dom status and tax advantages, if you have any concerns about your own non dom status, talk to us now at StMatthew.

 



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