Autumn Statement: Clamp down on wealthy non-doms
The Chancellor expects to fetch £270m from wealthy foreigners living in the UK and earning abroad
Non-doms – generally wealthy foreigners living in the UK but also earning income from abroad - were clobbered by the Autumn Statement’s closure of a loophole allowing them to avoid UK taxes by splitting their employment contracts between the UK and overseas.
From April, earnings from the overseas work, if it is in a low-tax jurisdiction, will be subject to UK tax. The move will end a common trick of setting up a second employment contract in a low tax country like Monaco and arranging for the bulk of pay to be made there.
The chancellor expects the move to fetch £270m in the first four years.
Non-doms came under fire in the recession amid public anger about their effective low tax status and often wealthy status. In 2008, the Labour government slapped a £30,000 annual fee on all non-doms who have lived here for seven out of the last nine years. It was extended by the Coalition government to rise to £50,000 for longer term residents.
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