I've been mildly interested in a recent article concerning the plight of 'Non-Doms'.
These are those very wealthy souls who are foreigners who opt to live in UK but are not required to pay income tax on their earnings from abroard.
This has apparently been the situation for over 200 years and it is estimated that there are just under 70000 such residents.
Both Tory and Labour plan to scrap this. Their aim is presumably to increase the revenue to the Treasury.
One person who will be effected said, 'It's a no brainer. Why should I stay here to pay many millions of pounds in tax on money I have earned from my Work in other countries. Obviously I'm moving and so will the vast majority of those in my situation'
Makes sense to me, when Monaco or Dubai, say, will happily accept them and want not tax, income or Inheritence, from them.
And what about the UK Treasury.
It is getting nothing now, so no difference if they leave.
And this is true if we are only thinking interms of Income Tax.
But these people also spend some, at least, of their weatlth here.
That generates VAT.
The person I quoted said that he was going to list one of his Company's, valued at around a Billion, on The London Stock Exchange. Now though that business will be lost to where he moves to.
No doubt they support a raft of other enterprises as well. Public Schools for example.
Hard as it to weep at the thought that some Public Schools might feel the pinch if thousands of rich kids have to move away, I can not quite see the benefit to the country here.
Of course it's a popular policy amongst the more 'woke' members of the Political Classes.
But it does seem, to me at least, rather like cutting off your nose to spite your face.
These are those very wealthy souls who are foreigners who opt to live in UK but are not required to pay income tax on their earnings from abroard.
This has apparently been the situation for over 200 years and it is estimated that there are just under 70000 such residents.
Both Tory and Labour plan to scrap this. Their aim is presumably to increase the revenue to the Treasury.
One person who will be effected said, 'It's a no brainer. Why should I stay here to pay many millions of pounds in tax on money I have earned from my Work in other countries. Obviously I'm moving and so will the vast majority of those in my situation'
Makes sense to me, when Monaco or Dubai, say, will happily accept them and want not tax, income or Inheritence, from them.
And what about the UK Treasury.
It is getting nothing now, so no difference if they leave.
And this is true if we are only thinking interms of Income Tax.
But these people also spend some, at least, of their weatlth here.
That generates VAT.
The person I quoted said that he was going to list one of his Company's, valued at around a Billion, on The London Stock Exchange. Now though that business will be lost to where he moves to.
No doubt they support a raft of other enterprises as well. Public Schools for example.
Hard as it to weep at the thought that some Public Schools might feel the pinch if thousands of rich kids have to move away, I can not quite see the benefit to the country here.
Of course it's a popular policy amongst the more 'woke' members of the Political Classes.
But it does seem, to me at least, rather like cutting off your nose to spite your face.
