City AM and CNBC quote Dominic Lawrance on proposals for a potential non-dom tiered tax regime
Foreign Investors for Britain (FIfB), a lobby group set up after July’s general election, has proposed a so-called tiered tax regime that would exempt non-doms from inheritance tax on non-UK assets and free them from UK tax on foreign income, gains and certain UK investments for up to 15 years.
The proposed system is based on Italy's flat-tax system and under the proposal, non-doms would pay an annual charge of between £200,000 and £2m across four bands based on the total value of their assets net their debts.
Dominic Lawrance, Private Client Partner, says that the tiered tax regime could be a "pragmatic solution".
He shares his thoughts with City AM:
Dominic says:
Many UK-resident foreign domiciliaries have said they wish to continue living in the UK, or wish to come to the UK if the current regime had been allowed to continue.
"The proposal of a tiered tax regime is designed so that the government can introduce something which 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, paying a substantial amounts of tax around them.
Read the full piece in City AM here.
