The jig may finally be up for Britain’s non-doms. After years of having it all this beleaguered elite are in the cross hairs. And now they’re going to pay.
From the 6 April 2017, non-doms who have lived in Britain for at least 15 out of the past 20 years – the 15/20 Rule – will lose their privileged status. Under the new rules they will be taxed like the rest of us.
Previously, for the fortunate few the UK was something of a tax haven. Non-doms could move to Britain while broadly keeping their worldwide assets outside the UK tax net – indefinitely. However, that is not to say they were completely exempt from tax; the fly in the ointment being that any income earned in or remitted to the UK was (and will continue to be) fully taxed.
The non-dom regime is a Napoleonic throwback. An oddity from a time when foreigners could shelter their foreign assets from Britain’s wartime taxes.
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