“Non-doms”, as they are known, currently pay UK income tax on British earnings, but not on money earned outside the country. Mr Darling remains firm in his desire to see a £30,000 annual levy charged for those wishing to retain non-dom standing after a seven-year grace period. Many likely to be affected enjoy sufficient wealth for such a charge not to be an insuperable issue, given the business and lifestyle advantages of life in London. But there are strong concerns at accompanying increased requirements for detailed information about their offshore holdings. In a letter to leading lawyers and tax specialists yesterday, the government accepted that the details of the idea have been poorly drafted, and stressed that it no intention of increasing the levy or of insisting on “any additional disclosures” regarding income or gains outside UK jurisdiction. Nor will there be any tax on money brought into Britain to pay the £30,000 charge.
saved bytony curzon price on 2008-02-14
