Number of non-doms drops to record low

HMRC’s latest non-domiciled taxpayer statistics show that in 2017-18 the number of non-domiciled taxpayers in the UK fell 13% to a record low of 78 300 down from 90 500 the year before.

The tax directly contributed by this group fell 21% to £7.5bn from £9.5bn in 2016-17. This figure is comprised of total UK income tax capital gains tax and National Insurance contributions. 

Josie Hills senior tax manager at Pinsent Masons said: ‘Brexit uncertainty is driving out many of the wealthiest non-doms who are not prepared to hang around to find out the outcome.

‘The prospect of a Labour government is also very unappealing for high net worths - talk of monetary controls and wealth taxes are not well received. Given that there could be a general election in the near future many will not be willing to take the risk that this becomes a reality.’

She added...