Writing for the Guardian earlier this week Liberal Democrat peer Matthew Oakeshott said,
It’s time to put a time limit on non-dom status, the widest tax loophole of them all. Did you know you can inherit non-dom status? Just like a hereditary peerage, it passes down the male line. You are born a non-dom and stay one – unless you disclaim it. Hereditary peers and hereditary non-doms must both go…
Cheating tax is a deep-seated, pervasive, pernicious disease that infects our body politic. Tax cheats are the Bad Society, not the “big society”. Of course it has always gone on and it’s difficult to quantify, but I have been working close to the heart of the City for 34 years. I started at a time when tax rates were much higher, and highly organised, aggressive, abusive tax avoidance – which used to be frowned on by banks and institutions and shunned by top accountants and lawyers concerned about reputational risk – has mushroomed out of all recognition.
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3 Comments
“It’s time to put a time limit on non-dom status, the widest tax loophole of them all”
you seriously think the conservatives would force this on Lord Ashcroft, considering he is the largest contributor to the party.
He might have resigned as party chairman, but that wont stop him and his cronies ploughing millions into the party, to win favour for policies that line his own pockets.
As far as I am concerned Non-Doms should lose their titles as well.
Why should someone be entitled to be called Lord, whilst avoiding uk Taxes, And why should that be able to pass Laws in the u.k whilst hideing their invested interests in Beilize.
I like the idea of the tax waiver fee that non-doms have to pay annually, instead of paying tax.
The equivalent tax waiver fee for me on an annual salary of £48,000 works out at £27 a year. It seems quite good value. Not only would it save me a lot of paperwork each year, but I’m also attracted to the peace of mind it would bring, knowing that I am contributing to society in one simple annual payment. I presume I have to pay it annually by direct debit. Where do I get the form?
The problem is that domicile is to complicated as an issue to use it as a basis for tax. If you look at the rules on domicile and how difficult it is to change it will make it easier to understand why there are problems for any Government to manage sensibly.
Much better to look at residency
8hopefully not citizenship as in the US)
Ashcroft, however, is a case apart as I could explain but it would bore everyone to death. Suffice to say he should have no part in UK life if he continues to be considered non-dom