At risk of adding to the speculation my own take on this is that abandoning the reforms altogether seems unlikely.
Inheritance tax is the biggest issue – or as one client put it to me the other day ‘I can afford to live in the UK as a non-dom but I can’t afford to die here’. There is clearly a lot of psychology going on but the feeling among affected non-doms definitely seems to be that while they are living in the UK they can understand having to pay annual taxes (i.e. income tax and CGT) on their annual profits. But paying 40% (or more?) – on their worldwide assets at an uncertain future date and on wealth much of which may have accrued before their arrival and which may well be inherited by beneficiaries outside the UK – is the...
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At risk of adding to the speculation my own take on this is that abandoning the reforms altogether seems unlikely.
Inheritance tax is the biggest issue – or as one client put it to me the other day ‘I can afford to live in the UK as a non-dom but I can’t afford to die here’. There is clearly a lot of psychology going on but the feeling among affected non-doms definitely seems to be that while they are living in the UK they can understand having to pay annual taxes (i.e. income tax and CGT) on their annual profits. But paying 40% (or more?) – on their worldwide assets at an uncertain future date and on wealth much of which may have accrued before their arrival and which may well be inherited by beneficiaries outside the UK – is the...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
