Scrapping non dom status
Discussion
Killboy said:
BikeBikeBIke said:
It's terrifying people need this stuff explained. 
What would you consider the requirements for people moving to the UK tax free and living here with foreign businesses? It's survived government's of all colours becaise it's a superb deal for us.
The only reason the Torys have scrapped it is because they know they're going to lose and they want to put Labour on tbe spot by leaving them with a dumb decision that will be politically embarrasong to correct. (See also GBs 50p tax rate.)
So I don't need to list requirements. I can just point to a superb scheme for helping ourselves to foreign money that had been refined over many decades. That. Let's do that.
Edited by BikeBikeBIke on Thursday 2nd May 20:26
BikeBikeBIke said:
The non dom deal had been in place for centuries.
It's survived government's of all colours becaise it's a superb deal for us.
The only reason the Torys have scrapped it it because they know they're going to lose and they want to put Labour on tbe spot by leaving them with a dumb decision that will be politically embarrasong to correct. (See also GBs 50p tax rate.)
So I don't need to list requirements. I can just point to a superb scheme for helping ourselves to foreign money that had been refined over many decades. That. Let's do that.
Ah, well let's see what happens then.It's survived government's of all colours becaise it's a superb deal for us.
The only reason the Torys have scrapped it it because they know they're going to lose and they want to put Labour on tbe spot by leaving them with a dumb decision that will be politically embarrasong to correct. (See also GBs 50p tax rate.)
So I don't need to list requirements. I can just point to a superb scheme for helping ourselves to foreign money that had been refined over many decades. That. Let's do that.
https://ins-globalconsulting.com/news-post/non-dom...
2k foreign income? Hopefully they bring that back, I didn't realise it was that cheap. I know a couple people that would love to move here from South Africa
Killboy said:
Ah, well let's see what happens then.
https://ins-globalconsulting.com/news-post/non-dom...
2k foreign income? Hopefully they bring that back, I didn't realise it was that cheap. I know a couple people that would love to move here from South Africa
Did you read the arising basis vs remittance basis bit?https://ins-globalconsulting.com/news-post/non-dom...
2k foreign income? Hopefully they bring that back, I didn't realise it was that cheap. I know a couple people that would love to move here from South Africa
Any world-wide income or gains brought into the UK by a non-dom is taxed regardless of what they do with it.
After 7 years you have to pay healthily for the remittance basis.
Celebrating the departure of non-doms seems a really odd position for any UK taxpayer to take.
GT9 said:
Did you read the arising basis vs remittance basis bit?
Any world-wide income or gains brought into the UK by a non-dom is taxed regardless of what they do with it.
After 7 years you have to pay healthily for the remittance basis.
Celebrating the departure of non-doms seems a really odd position for any UK taxpayer to take.
Its the sort of dumb-fAny world-wide income or gains brought into the UK by a non-dom is taxed regardless of what they do with it.
After 7 years you have to pay healthily for the remittance basis.
Celebrating the departure of non-doms seems a really odd position for any UK taxpayer to take.
k, cut my nose off to spite my face, politics of envy logic that still emanates from the left sadly. Makes as much sense as forcing kids out of private education so the tax-payer can fund their education instead !
The most laughable bit is the entitlement & b
ks about "Fair share". The idea that the UK exchequer (and by extension UK tax payers) are somehow entitled to a slice of income or profits earned wholly outside the UK is just bizarre.Bloke comes to live here, pays a fortune to do so, spends a fortune while he's here and employs people & the daft t
ts would rather tell him to fk off home !I am reminded of 10 men in a bar.,
https://www.moore.co.uk/msuk/moore-south/news/apri...
Edited by Wombat3 on Thursday 2nd May 23:23
GT9 said:
Did you read the arising basis vs remittance basis bit?
Any world-wide income or gains brought into the UK by a non-dom is taxed regardless of what they do with it.
After 7 years you have to pay healthily for the remittance basis.
Celebrating the departure of non-doms seems a really odd position for any UK taxpayer to take.
At what rate? This is an honest question, seems like a great way for professionals to move here as long as they work in foreign countries.Any world-wide income or gains brought into the UK by a non-dom is taxed regardless of what they do with it.
After 7 years you have to pay healthily for the remittance basis.
Celebrating the departure of non-doms seems a really odd position for any UK taxpayer to take.
BikeBikeBIke said:
Killboy said:
BikeBikeBIke said:
It's terrifying people need this stuff explained.
What would you consider the requirements for people moving to the UK tax free and living here with foreign businesses? ks; taxation as it exists is an idea barely more than 100 years old, they invented it to pay for WW1. hidetheelephants said:
BikeBikeBIke said:
Killboy said:
BikeBikeBIke said:
It's terrifying people need this stuff explained.
What would you consider the requirements for people moving to the UK tax free and living here with foreign businesses? ks; taxation as it exists is an idea barely more than 100 years old, they invented it to pay for WW1. https://www.taxjustice.uk/tax-takes-9.html
https://www.ft.com/content/9545f01c-be78-11e4-8036...
https://www.lovewell-blake.co.uk/services/personal...
Killboy said:
At what rate? This is an honest question, seems like a great way for professionals to move here as long as they work in foreign countries.
Standard rate. The remittance basis is explained in the article you linked.It's an excellent way to attract foreign wealth into the country.
Expecting them to immediately pay tax on worldwide income (that remains offshore) that could be coming from existing investments is ridiculous.
I'm a UK resident taxpayer who is getting tired of paying higher prices and more tax because some of us don't like 'foreign types'.
I doubt that scrapping it will make any difference at all. Accountants and tax advisors will help the super wealthy re-arrange their finances to adapt. Loopholes will be found (or created). And politicians will claim they did something for the people. The very wealthy will continue to accumulate wealth, and the middle classes will continue to get poorer and poorer.
A healthy, stable, successful society and country comes from using taxes to maintain the right balance of wealth distribution. No, that doesn't mean communism.
A healthy, stable, successful society and country comes from using taxes to maintain the right balance of wealth distribution. No, that doesn't mean communism.
bloomen said:
It's a rather odious concept, but such people are mobile and selfish so they'll simply pop elsewhere.
I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
Their total consumption is likely pretty small relative to their wealth or earnings, there are limits on how much stuff a person can use (Elon Musk can be 200,000 times richer than me but we eat about the same amount) and many of the more expensive things they consume will be imported.I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
The other thing the non doms do is come in and buy a load of UK assets as a means to safely hold wealth outside of their home country. In the process they cause scarcity, pump up the values of certain assets classes like land and property and also extract rents from their UK assets.
On balance I agree with taxing them and also don't think we'd be too badly off without their economic distortions.
Talksteer said:
bloomen said:
It's a rather odious concept, but such people are mobile and selfish so they'll simply pop elsewhere.
I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
Their total consumption is likely pretty small relative to their wealth or earnings, there are limits on how much stuff a person can use (Elon Musk can be 200,000 times richer than me but we eat about the same amount) and many of the more expensive things they consume will be imported.I would've thought if you add up what they spend here, and tax that can't be avoided like VAT, it'll end up being an overall loss if the status quo changes.
The other thing the non doms do is come in and buy a load of UK assets as a means to safely hold wealth outside of their home country. In the process they cause scarcity, pump up the values of certain assets classes like land and property and also extract rents from their UK assets.
On balance I agree with taxing them and also don't think we'd be too badly off without their economic distortions.
On what planet it makes sense that we should expect to tax them on income or profits earned (and taxed) in other countries is beyond me.
Edited by Wombat3 on Thursday 2nd May 23:17
Rivenink said:
I doubt that scrapping it will make any difference at all. Accountants and tax advisors will help the super wealthy re-arrange their finances to adapt. Loopholes will be found (or created). And politicians will claim they did something for the people. The very wealthy will continue to accumulate wealth, and the middle classes will continue to get poorer and poorer.
A healthy, stable, successful society and country comes from using taxes to maintain the right balance of wealth distribution. No, that doesn't mean communism.
But it does send a message to people who might come here in the future. Most of those who are already here probably will stay after getting more tax advice and deciding they enjoy being here or can't be bothered to move etc.A healthy, stable, successful society and country comes from using taxes to maintain the right balance of wealth distribution. No, that doesn't mean communism.
Talksteer said:
Their total consumption is likely pretty small relative to their wealth or earnings, there are limits on how much stuff a person can use (Elon Musk can be 200,000 times richer than me but we eat about the same amount) and many of the more expensive things they consume will be imported.
Yeah, I'm sure the nations of the world are clamouring for you to move your Elon-esque household spending to their nations on the basis you have roughly similar calorie intake! 
GT9 said:
Standard rate. The remittance basis is explained in the article you linked.
It's an excellent way to attract foreign wealth into the country.
Expecting them to immediately pay tax on worldwide income (that remains offshore) that could be coming from existing investments is ridiculous.
I'm a UK resident taxpayer who is getting tired of paying higher prices and more tax because some of us don't like 'foreign types'.
So 30k after 7 years flat rate, and then 60 after 12? Wow, that's peanutsIt's an excellent way to attract foreign wealth into the country.
Expecting them to immediately pay tax on worldwide income (that remains offshore) that could be coming from existing investments is ridiculous.
I'm a UK resident taxpayer who is getting tired of paying higher prices and more tax because some of us don't like 'foreign types'.
Don't worry, I agree, but the "right types" is also a little odd. Our countries full and all that.
GT9 said:
They will likely just spend a bit more time outside the UK so they can claim non-residential status, spending less time and money here and we can all complain about the price of cheese in their absence. Futile.
Some of the usual numpties on here would be crying "red meat" at this policy in other circumstances.Killboy said:
So 30k after 7 years flat rate, and then 60 after 12? Wow, that's peanuts
Don't worry, I agree, but the "right types" is also a little odd. Our countries full and all that.
Peanuts... only around 1/2 million people will pay that much tax in the country. 31 million do not. Don't worry, I agree, but the "right types" is also a little odd. Our countries full and all that.
The 37 thousand non doms pay 6 billion in UK taxes.
What could that 6 billion do.
https://www.gov.uk/government/news/families-busine...
link said:
Around a million homes will be made warmer and hundreds of business supported, as £6 billion is allocated to cut energy use and bills.
It will provide extra help for up to 200,000 families who need it most, such as those in poorly-insulated, low income or social homes.
fIt will provide extra help for up to 200,000 families who need it most, such as those in poorly-insulated, low income or social homes.
k the rich and you fk the poor. Typical nonsense from the politics of envy. Newc said:
Article says the guy owns 10 properties in the UK. Just the stamp duty of those purchases will have generated more tax than you will pay in your entire working life.
Will you be happy to use whatever state services his taxes have paid for, or should they all be shut down?
Are you suggesting nobody would have purchased those properties if he hadn't?Will you be happy to use whatever state services his taxes have paid for, or should they all be shut down?
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