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The non-dom debate
KEY POINTS
- With global mobility are the UK’s tax rules on non-domiciles still relevant?
- The remittance basis may discourage inward investment.
- There was a pronounced decline in non-domiciled taxpayers between 2015-16 and 2016-17.
- However tax paid by non-domiciles and the remittance basis charge increased between 2015-16 and 2016-17.
- The Laffer curve and whether increased rates may result in a reduced tax take.
- In 2015-16 500 non-domiciled UK residents contributed £894m of investment under the business investment relief rules.
- The pull of London and effect of Brexit.
Although the definition of domicile derives from general law the non-domicile tax rules and the associated remittance basis can be traced back to 1799 allowing British colonialists with property abroad to shelter it...
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