UK Non_Domiciles
Published / Last Updated on 12/05/2010
by Ashley Clark, Director
The number of resident non-domiciles (RNDs) arriving in the UK has fallen in years since the introduction of the Finance Act 2008.
Research found that while the £30,000 tax charge imposed on RNDs resident in the UK for more than seven years was not a key issue. The perceived hospitality underlying the legislation and the complexity of the changes had put them off coming to, or staying in, the UK.
When HM treasury introduced the Act it projected collecting additional revenue of £650m from the UK’s 140,000-strong RND population but estimates show that RND growth will slow by at least a quarter with 2% having already left the UK.
This means an immediate annual reduction in tax contribution of £166m and may turn the project £650m gain into a loss in the short term.
Lean about non-domciles in the UK.
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