In article <mg2v1n$2k7$***@dont-email.me>,
tim..... <***@yahoo.co.uk> wrote:
}
}<***@gmail.com> wrote in message
}news:e7054da1-0bf6-4f07-aeaa-***@googlegroups.com...
}> On Wednesday, 8 April 2015 07:51:28 UTC+1, Judith wrote:
}>> Excellent.
}>>
}>> I bet Ashcroft changes his mind about giving up being a Lord.
}>
}> Whilst there is undoubtedly abuse of 'non-dom' status the idea that a
}> non-Brit who comes to the UK for a while should have pay tax on income in
}> other jurisdictions is unfair.
}
}perhaps it is, but it is the rule that every other country in the world
}(except Ireland) operates
No it isn't, and that is a very rash statement to make unless you're
some sort of international tax specialist. Hong Kong taxes even less
in that even resident citizens do not have to pay tax on money earned
abroad (e.g. if someone goes abroad and gets a job in a pub for
amonth). See <URL: http://en.wikipedia.org/wiki/Salaries_tax >
}> What about the tax yield? Well in the short term there might be a small
}> boost while the 'victims' (able to pay the £90k non-dom charge) rearrange
}> their affairs. Some will simply leave the UK, rotate where they live or
}> stay on their yachts (Abramovich). Others will relinquish non-dom status.
}> Most will be paying tax in other jurisdictions and will be able to avail
}> themselves of the double taxation treaties that the UK has with most
}> developed (and AFAIK all EU) states. It will be twice as much paperwork
}> [for their accountants] but in most cases the extra tax in the Uk will be
}> minimal.
}
}I don't see the problem with them leaving
}
}1) Most wont go because there is no place )except Ireland) for them to go
}and get the same benefit, and the other benefits of living, as a wealthy
}person, in London are huge.
But note that wealth and income are not the same. It's quite possible
to be very wealthy and have no income. Indeed, if you're a billionaire
there is no monetary incentive to work, so if you do work it's for
your own entertainment and why bother getting a salary at all?
}2) Those that do go aren't actually paying any (very much) tax, so what will
}be lost?
You could equally ask what will be gained by this change.
But I don't think this sort of change will make people leave. That's
not generally how things work. People react slowly. While this sort of
change may not cause anyone to leave, it is very likely to discourage
others from coming in future. It might take a decade or two, but the
effect would be felt in the end as those currently here retire abroad
or die.