Non-dom applications cut by 25%

Treasury data obtained under the Freedom of Information Act and a study by Cass Business school of 25 leading wealth advisers indicates tax hikes introduced by the Finance Act 2008 have lead to approximately 25% fewer non-dom applications. The Finance Act imposed a £30,000 fee on non-doms resident in the UK for seven years or more, who wish to remain taxed only on their UK income. Preliminary figures from Revenue & Customs showed 4,200 people paid the charge for the 2008-09 tax year, in line with Treasury expectations, the Financial Times reports. However, estimates a further 14,00...