Quote:
Originally Posted by heero_yuy
Yep, every one that goes costs the treasury £100,000 a year. Masterstroke. 
45% or 50% of nothing is still nothing. |
Only if their income isn't reported as being earn abroad. The case this morning of the HSBC executive whose born in the UK and lives here but gets paid abroad and has non-dom status because he lived in Hong Kong for a few years is hard to justify. How can people who've lived here for years, even decades, qualify as domiciled elsewhere for tax purposes?
Where did you get the figure of £100,000 and how much will that be made for by the increased revenue?
One of the problems is that it doesn't encourage investment as that will be taxed at UK rates. All it encourages is keeping your assets abroad in tax havens. It's probably why this particular tax break hasn't caught on in many other places in the world.