UK Tories explore scrapping non-dom tax status

[jafo]

The government expects the ultra wealthy under the new system to pay high IHT and income tax on their worldwide income.

In return for what? Why would someone pay this and what do they get in exchange for this money?

 

[Martin Everson]

In return for what? Why would someone pay this and what do they get in exchange for this money?

Exactly.

Jeremy hunt thinks the ultra rich millions and billionaires will love remaining in London so much that they will overlook paying 45% income tax rate, 20% capital gains tax and 40% IHT. Such hubris from the Chancellor. What will these millionaires and billionaire non-doms get for their money? Low crime rate? A well funded NHS and public transport system? He must think the ultra rich take the bus to work, eat at Nandos and queue in waiting rooms at local NHS hospitals and dentists.

 

[polonieth]

Exactly.

Jeremy hunt thinks the ultra rich millions and billionaires will love remaining in London so much that they will overlook paying 45% income tax rate, 20% capital gains tax and 40% IHT. Such hubris from the Chancellor. What will these millionaires and billionaire non-doms get for their money? Low crime rate? A well funded NHS and public transport system? He must think the ultra rich take the bus to work, eat at Nandos and queue in waiting rooms at local NHS hospitals and dentists.

It's sad to see the UK become a failed society.

Brexit was the last chance to make the UK a decent place again. They could have dropped corporation tax, among other bits of deregulation, and made it super attractive to start a business there.

Instead, it's been completely clowned up, or shaped by neo-Marxist globalist charlatans.

It's still weird that some wealthy people still choose to live in London. I mean, yeah, you have a nice penthouse and plenty of nice places to eat, but you're only ever one street away from being stabbed for your Rolex, and it's raining half the time.

If only Joe Public was a bit more clued up on what was going on. If they could react in the same way as they did to the idea of a "European Super League" in football, the UK would stand a chance of flipping the script. But no, no, bread and circuses, and you get £350 a year in your pocket from National Insurance cuts. Dig deep comrades!

 

[manukahoney]

It's still weird that some wealthy people still choose to live in London. I mean, yeah, you have a nice penthouse and plenty of nice places to eat, but you're only ever one street away from being stabbed for your Rolex, and it's raining half the time.

That!
London always had some shady areas, but it felt generally safe and pleasant. It was the capital city where you could have both a village and a megapolis lifestyle within 15 minutes. Now it's endless pro-palestine marches, phone snatchers on scooters, dirt and rubbish everywhere. "Part and parcel".

 

[Rotor]

Sounds lovely:

https://www.telegraph.co.uk/travel/...om/mental-wellness-index-uk-miserable-nation/

 

[jafo]

Sounds lovely:

https://www.telegraph.co.uk/travel/...om/mental-wellness-index-uk-miserable-nation/

I think @JohnnyDoe would attest to this:

 

[wellington]

In return for what? Why would someone pay this and what do they get in exchange for this money?

As a non-resident Brit.

Up until recently i couldn't vote (i am curious and worrying why they've changed that rule).
- Not entitled to a UK State Pension (didn't pay in enough years).
- Not entitled to State Aid.
- Not entitled to Medical/NHS etc
- Children are entitled to citizenship - their children are not by default (have to give birth in the UK and ofcourse pay for the Privilege).


etc.

I merely see the non-dom as another nail in the coffin, alas it likely paves the way to a US like taxation world wide.

 

[marioIT]

Sounds lovely:

https://www.telegraph.co.uk/travel/...om/mental-wellness-index-uk-miserable-nation/

Position	Country	Score
58	Ukraine	60
70	UK	49

worse than Ukraine... enough said

 

[willow2013]

I hear all of you but what can one do if they are unable to leave now or the forseeable future.

setup an offshore trust or company to house non UK situs investments?

but still IHT an issue.

 

[Rotor]

I hear all of you but what can one do if they are unable to leave now or the forseeable future.

setup an offshore trust or company to house non UK situs investments?

but still IHT an issue.

The UK seems to be in a very serious fiscal situation:

https://www.telegraph.co.uk/business/2024/03/29/public-sector-pensions-bill-hits-record-26-trillion/

The scrapping of the non-dom status is probably the first of many steps. A lot of unpleasantness can be expected.

 

[jafo]

I hear all of you but what can one do if they are unable to leave now or the forseeable future.

setup an offshore trust or company to house non UK situs investments?

but still IHT an issue.

Pay up and hope they are satisfied and won't forcefully draw more "blood."

 

[Konstanz]

Many rich non doms will flee UK to other places. UK just say they no longer want rich people to live in London

 

[JohnLocke]

Jeremy hunt thinks the ultra rich millions and billionaires will love remaining in London so much that they will overlook paying 45% income tax rate, 20% capital gains tax and 40% IHT. Such hubris from the Chancellor.

It'll be interesting to see how many of the ultra-rich stay in the UK if that's really the case. It seems like they're trying to take everything from the rich, doesn't it?

 

[Martin Everson]

It'll be interesting to see how many of the ultra-rich stay in the UK if that's really the case. It seems like they're trying to take everything from the rich, doesn't it?

Yup 100% they are raiding the rich. The government coffers are empty and going after the rich is the first step in the UK turning into Spain. This will be further compounded once Labour get into power. The Tory idea of London becoming a Singapore on the Thames is long gone. It will more likely resemble a Syrian refuge camp or California decades from now with pockets of nice areas but overall not a desirable or safe place to live long term.

I just hope the UK (??) post brexit and post Irish reunification and Scottish Independence has some vision of what it wants to be .

 

[willow2013]

Again, I know all of this - UK is broke, crime, weather etc etc but I can't leave for the foreseeable future.

So other than paying up, does anyone have any other sound strategies to mitigate the end of non-dom regime?

I mainly have offshore equity investments.

 

[Martin Everson]

So other than paying up, does anyone have any other sound strategies to mitigate the end of non-dom regime?

I mainly have offshore equity investments.

Don't realize any equity gains while you live there and don't have any dividend paying stocks. You will then owe zero taxes on your offshore equity investments...lol.

 

[willow2013]

A polite No would have sufficed.

 

[Martin Everson]

A polite No would have sufficed.

NO

 

[Martin Everson]

London calling? Not anymore. Tax tweaks worry NRIs, new migrants

https://economictimes.indiatimes.co...ding-uk-tax-reforms/articleshow/109225217.cms

LOL.....well seems it may not make much economic sense for non-resident Indians to be non-doms in UK going forward .