The "problem" with Non Dom is that a lot of people see it as "unfair" and that these people don't pay tax "but they have to". Nothing could be futrther form the truth, as OF COURSE these people pay tax. As they pay tax on their UK income, and they in almost evry case pay tax on their foreign income IN THE COUNTRY THAT THE INCOME IS GENERATED.. So even if the Non DOm status is removed they will probably not pay any more tax into the UK as the tax they pay in foreing countries will of course be offset. The only result of this will be that these rich people will probably leave, a lot of them anyway, and hardly any rich people form other countries will no longer immigrate to the UK. As these people of course don't want the extra hassle with HMRC asking loads of questions. Other countries have experienced that rich people leave if the tax regime is too harsch. For example the last 5-6 years in Norway lots and lots of rich people has just left, mainly to Switzerland. Reason is not to do with non dom but to do with the very high wealth tax Norwegians has to pay. For example a Norwegians with a rather modest income of £100k will have to pay a marginal tax of around 46%, about the same as many European countries, but if they own assets, for example a company worth £200 million they would in addition have to pay £2 million in wealth tax, something that a foreign owner of a similar company in Norway does NOT have to pay, therefore creating a situation that is deeply unfair. Still the socialist Norwegian government just sit back and look at this, at the same time as the Norwegian currency is on the way down the toilet and the state is getting larger and larger strangling private investment. I predict the UK socialist government will manage to do the same in the UK...
Lets hope the wealthy people actually have the courage to leave and take their money with them, thus hastening the collapse of the British Occupying Power. Recall the English Parliament. Repeal the 1707 Act of Union. Expel the British from England.
Who do you think is eating at those fancy restaurants, shopping in luxury stores, and driving the amazing cars that inhabit central London? And who do you think is paying the 20% VAT on everything they buy, plus on the fees for their financial advice, legal advice, estate planning advice, etc? They also pay tax on the money they earn in the UK, and the money they earn outside the UK is taxed in the countries where it's earned. This video makes it sound like non-doms are parasites who don't pay their way, when nothing could be further from the truth. If the UK doesn't want them, there are plenty of other places that do - Italy, Spain, and the UAE, for example, are falling over themselves to attract rich foreigners.
What's the advantage of NOT claming non-dom?
The "problem" with Non Dom is that a lot of people see it as "unfair" and that these people don't pay tax "but they have to". Nothing could be futrther form the truth, as OF COURSE these people pay tax. As they pay tax on their UK income, and they in almost evry case pay tax on their foreign income IN THE COUNTRY THAT THE INCOME IS GENERATED.. So even if the Non DOm status is removed they will probably not pay any more tax into the UK as the tax they pay in foreing countries will of course be offset. The only result of this will be that these rich people will probably leave, a lot of them anyway, and hardly any rich people form other countries will no longer immigrate to the UK. As these people of course don't want the extra hassle with HMRC asking loads of questions. Other countries have experienced that rich people leave if the tax regime is too harsch. For example the last 5-6 years in Norway lots and lots of rich people has just left, mainly to Switzerland. Reason is not to do with non dom but to do with the very high wealth tax Norwegians has to pay. For example a Norwegians with a rather modest income of £100k will have to pay a marginal tax of around 46%, about the same as many European countries, but if they own assets, for example a company worth £200 million they would in addition have to pay £2 million in wealth tax, something that a foreign owner of a similar company in Norway does NOT have to pay, therefore creating a situation that is deeply unfair. Still the socialist Norwegian government just sit back and look at this, at the same time as the Norwegian currency is on the way down the toilet and the state is getting larger and larger strangling private investment. I predict the UK socialist government will manage to do the same in the UK...
In a nutshell: to be a wealth person you must not pay taxes. Therefore taxes are bad
If you don't pay your taxes you go to prison. That's reality.
Lets hope the wealthy people actually have the courage to leave and take their money with them, thus hastening the collapse of the British Occupying Power.
Recall the English Parliament.
Repeal the 1707 Act of Union.
Expel the British from England.
Who do you think is eating at those fancy restaurants, shopping in luxury stores, and driving the amazing cars that inhabit central London? And who do you think is paying the 20% VAT on everything they buy, plus on the fees for their financial advice, legal advice, estate planning advice, etc? They also pay tax on the money they earn in the UK, and the money they earn outside the UK is taxed in the countries where it's earned.
This video makes it sound like non-doms are parasites who don't pay their way, when nothing could be further from the truth. If the UK doesn't want them, there are plenty of other places that do - Italy, Spain, and the UAE, for example, are falling over themselves to attract rich foreigners.