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Friday
Jul302010

Non Dom Tax Law is Due to be Reviewed by the New Coalition Government

There is no doubt that strong feelings abound when it comes to non doms.  There are regularly headlines concerning the status of certain people and how much tax they are paying as a result.

Up until two or three weeks ago we were not quite sure where the new coalition government stood with regard to non doms.  But towards the end of June those in charge agreed they would review the laws surrounding how much tax non domiciled individuals are currently paying.  The government wishes to ensure that everyone is paying their fair share towards UK coffers, and as such the current laws could be in for some changes.

Labour introduced the current £30,000 levy on non doms, but this has been deemed to have had limited success.  I have noticed much controversy over the Labour ideas, which now seem set to change under the new government.

There have been whispers of a potential £100,000 entry tax for non domiciled individuals, but whether this is introduced or not is another matter.  I for one will be watching closely to see whether this happens or whether some other measures are agreed upon.

I think it may be some time before any firm conclusion or solution is reached however.  Since the measures brought in by Labour were unpopular and did little to resolve the issues surrounding non doms, I feel the new government will not want to make the same mistakes.

In the meantime, if you are considering non dom status and you would like some advice on the matter as far as taxation is concerned, you can get in touch with us here at St Matthew by selecting the appropriate link above.

 



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