Multiple titles including The Telegraph, City AM and Bloomberg quote Dominic Lawrance on the potential scrapping of non-dom rules in the Spring Budget
According to reports, Jeremy Hunt could scrap or scale back ‘non-dom’ tax status in next week’s Spring Budget in an attempt to raise some cash for tax cuts.
Abolishing the current regime could bring an extra £3.6 billion to the Treasury, according to the Wealth Tax Commission.
Dominic Lawrance, Partner in our private client team, says:
The proposals have been presented as revenue-raisers, but many tax advisers are very sceptical about this, due to anticipated behavioural impacts.
"Many would expect the changes to be negative for the exchequer, at least in the long run, because they will make the UK unattractive compared to certain other countries, particularly Italy, which are already offering a much simpler and more benign tax regime for wealthy “incomers”. The concern is that the UK’s loss will be Italy’s gain.
Read the full piece in City AM here.
Related coverage:
The Daily Telegraph (subscription required), City AM, Bloomberg (subscription required), Spear's
