City AM quotes Dominic Lawrance on our Firm's role in the Foreign Investors for Britain lobby group and proposals for a potential non-dom tiered tax regime
City AM reports on our Firm's role in the Foreign Investors for Britain lobby group and proposals for a potential non-dom tiered tax regime.
The main ask is for the government to put in place a tiered tax regime that would exempt non-doms from inheritance tax on non-UK assets and free them from UK levies on foreign income, gains and certain UK investments for up to 15 years.
The proposal would see the old non-dom status replaced with an opt-in system to allow wealthy foreign residents to pay a flat tax rate of between £200,000 and £2m based on their net wealth.
Dominic Lawrance, Private Client Partner, says:
The thinking behind the TTR that we’ve proposed is to come up with a pragmatic solution to the problem that the current reforms in relation to foreign domiciliaries getting a very negative reception.
"What is very clear is that if the aim of the proposed reforms is to generate more tax – they’re not going to work… And our proposal is designed so that the government can introduce something that will actually sit alongside the currently proposed reforms, but provide a special tax regime which will encourage foreign investors and entrepreneurs to come to the UK, or to stay in the UK, paying substantial amounts of tax per annum.
Read the full piece in City AM here.
