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Miliband To Abolish Non-Dom Status

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Could get interesting...

http://www.bbc.co.uk/news/32213003

A Labour government would abolish the non-domicile rule which allows some wealthy individuals to limit the tax paid on earnings outside the UK, party leader Ed Miliband is to announce.

Mr Miliband will say the rule "makes Britain an offshore tax haven".

There are an estimated 115,000 so-called non-doms in Britain.

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Wow.

If this happens, I'll be a dutchmans uncle. This sort of thing REALLY pisses off those with serious power.

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I welcome this. First up, the city as an offshore centre to the world is a source of national shame. Secondly, it's another swift punch in the kidneys for the PCL bubble.

Edited by bland unsight

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How exactly would it be enforced? Wouldnt foreign tax authorities have to provide details.

I know the yanks try to charge federal income tax for non-US resident citizens, dont know how much success they have.

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How exactly would it be enforced? Wouldnt foreign tax authorities have to provide details.

I know the yanks try to charge federal income tax for non-US resident citizens, dont know how much success they have.

Lots, because they enforce it.

However, non dom in the Uk is something you claim whilst here to reduce your tax bill, so it's not easily evaded (i.e. you are not on some island somewhere in the caribbean keeping a low profile).

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Sorry, I have long since forgotten the ins and outs of this type of tax nonsense.

Could some one let me know if this affects me in anyway. I hold a UK passport, but have not resided in the UK since 1994.

Are they about to try and steal from me?

Thanks in advance.

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Only thing Ive heard from Mr Bean that I have not wanted to kick the radio.

As well as non-dom, the UK has some serious problems with laundering money through London real estate.

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https://twitter.com/DuncanBannatyne/status/585564509068251136

Duncan BannatyneVerified account ‏@DuncanBannatyne

Ed Milliband says he will abolish non-dom status in UK. This gets my vote I never thought any party would have courage to do this.

I thought Bannatyne was backing the Tories - he signed the letter to the Telegraph.

Make your mind up, man.

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Hmm. Would he actually follow it through, though. The politicians must feel, another coalition is very likely, so they can pretty much say anything, and back down later. Why offer this at the final stages?

Tuition fees?

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This is little to do about money....it is to do with principal and fairness, others have to pay their taxes why do the ones that can best afford to don't like it when ask to do so....don't like it move simple....one very advantageous rule for the rich, doesn't sit well.

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Is that why London is supposedly booming.....those that make the most in money, are closest to the money,are in the money, pay the least in taxes in proportion to all earnings?......

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This is little to do about money....it is to do with principal and fairness, others have to pay their taxes why do the ones that can best afford to don't like it when ask to do so....don't like it move simple....one very advantageous rule for the rich, doesn't sit well.

+1 I don't care if abolishing it raises revenue. It's the underlying principle, and the signalling in the announcement - that just perhaps trickle down is b0llocks - is quite a big deal.

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As another thread says, "they are all the same so I don't know who to vote for". Well they are "all the same" if getting the super rich to PAY their taxes and allowing the super rich NOT to pay their taxes are the same thing.

Edited by campervanman

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The whole theory of non-dom status was based on 'trickle down'.

It's amazing that the trickle down theory gets any credence in this case - the system actually encourages non-doms not to bring money into the UK, if they did they'd be taxed on it!

It may well actually take money out of the UK - don't non-doms move even their UK-earned money abroad, where interest/income isn't taxed?

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One of, if not the best policy announced this GE campaign by any party.

Where's the catch?!

There won't be a Labour government so when the Labour/SNP coalition fail to adopt this policy having "listened" to interested parties, Milliband can say that he wasn't technically lying.

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Balls was interviewed at length on the today programme this morning. He was rubbishing the very non-dom regime his own party introduced towards the end of their time in office. Seemed only to be promising a consultation process hedged with lots of caveats: non-doms will still exist, but he expects to time-limit how long they can live here as non-doms. Which begs the question of loopholes like resetting the clock, or maybe you can avoid starting the clock in the first place if you visit your foreign domicile (timeshare?) once a year or something.

I'd be more convinced if they were going to tax the property more and the person less.

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