Dispute as Miliband outlines rationale for abolishing 'non-dom' status

Alice Rigby
clock

Non-domiciled residents' contributions to the UK Exchequer have been defended after Labour leader Ed Miliband confirmed his party would abolish the 'non-dom' tax status if it came to power following next month's general election.

Law firm Pinsent Masons said 'non-doms', as well as paying almost £6.2bn in income tax in 2012-2013 and £223m in the remittance based charge, also have a positive impact on the UK economy because of their "huge spending power". On 8 April, Ed Miliband said Labour had "found a way" to abolish the status, which allows certain citizens living in Britain indefinitely to claim another country as their domicile and claim the resultant tax benefits. "It's the right thing to do," Miliband said. "In a way people are going to have a choice at this election. They can decide that they want to car...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

Evelyn Partners CEO Geddes warns of 'stifling' CGT change impact

Evelyn Partners CEO Geddes warns of 'stifling' CGT change impact

Paul Geddes urges for caution on tax changes

Jen Frost
clock 18 October 2024 • 2 min read
Demand for IHT mitigation increases as more fall into threshold

Demand for IHT mitigation increases as more fall into threshold

‘Asset prices and nil rate band freezes are creating a perfect storm’

Isabel Baxter
clock 03 April 2024 • 1 min read
Upcoming CGT changes prompting UK investors to create wealth plans

Upcoming CGT changes prompting UK investors to create wealth plans

More than half want to secure their current and future investment gains

Isabel Baxter
clock 02 April 2024 • 2 min read