'Non-doms' face tax on overseas earnings
Gordon Brown has paved the way for changes to the tax treatment of so-called "non-domiciles", mainly wealthy foreign-born people who pay no tax in Britain on their overseas earnings.</p>The changes could make "non-doms" eligible for capital gains tax and tax on overseas income if they spend more than a certain number of years in the country.</p>The potential changes would affect about 60,000 people, including Lakshmi Mittal, the Indian-born steel magnate and Labour donor. They could also discourage banks and other institutions from encouraging highly paid executives to work in the UK.</p>The Inland Revenue issued a consultation paper on the subject yesterday.Alex Henderson, of PricewaterhouseCoopers, said: "Basically, it is saying that if you're here long-term you should pay for the NHS and other social services." </p>
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies