The amount of income tax paid by non-doms has hit a record high of £6.8 billion, according to new research.
Figures released on 28 April revealed that in 2011-12, the most recent year for which data is available, non-domiciles paid eight per cent more income tax than in 2010-11.
The data was compiled by law firm Pinsent Masons, whose spokesman described non-doms as “more important to the UK economy than ever before”.
He added: The Treasury needs to be careful that they don’t kill the golden goose by overtaxing it.”
Tax issues for non-doms include income on tax generated in the UK, the non-dom levy – an annual charge for people who have been resident in the UK for seven years or more, should they choose to exclude earnings outside the UK from their UK income tax bill – and a levy on residential properties owned through a company.
At Robb & Co, we have particular expertise in international tax issues, including those affecting non-domiciles, expatriates and non-resident landlords and in tax planning for individuals before and after becoming resident in the UK. Issues we can advise on include:
- the tax implications of UK property ownership
- tax planning for people moving between jurisdictions
- temporary relocations.