Draft Finance Bill 2012: Non doms rules undermine UK competitiveness, says Ernst & Young Carolyn Steppler, Ernst & Young’s comments on the non doms proposals, released in today’s Finance Bill.
- The Government today confirmed that the “Remittance Basis Charge” – the amount paid by non-UK domiciled individuals to access a preferential tax regime - will rise from £30,000 to £50,000 once an individual has been resident in the UK for 12 years.
- Individuals who have been resident for more than 7 but less than 12 years will continue to pay £30,000.
“The increase in the remittance basis charge announced today could result in a leak of talent overseas. Many more non-Doms will have to face the full force of the UK tax rules and may leave the UK as a result. Non-Doms are essential to the UK economy and the cost for some of them of remaining in the UK will nearly double overnight.”
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