The UK government is revising its proposed tax changes for non-domiciled residents due to fears that wealthy individuals are departing the country. Rachel Reeves announced at the World Economic Forum that an amendment to the Finance Bill would address concerns raised by the non-domiciled community. The changes will broaden access to a facility allowing quick transfers to the UK without high tax liabilities. However, tax advisers argue this may not prevent further exits, suggesting the government's approach lacks depth in addressing broader tax issues affecting entrepreneurs.
We have been listening to the concerns that have been raised by the non-dom community.
That's not the case: we are not going to change those double-taxation conventions.
We welcome people coming to the UK and we'll have a specific kind of tax treatment that they would expect.
This move is woefully inadequate and fails to address broader issues such as maintaining inheritance tax exemptions for offshore trusts.
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