UK tax digest

Julian Smith, our Head of Tax, offers a quick round-up of the latest UK tax news:

RECORD LOW OF NON-DOMS IN UK

Following a number of reforms in recent years the number of non-domiciled taxpayers in the UK has dropped from 98,500 to 78,000. Half of the decline is due to these wealthy ‘internationally mobile’ individuals leaving the UK. The remainder have switched to domiciled status, will pay UK tax on worldwide income and gains, and are potentially fully within the ambit of Inheritance Tax. Tax revenues have dropped significantly from £9.5 billion in 2016- 2017 to £7.54 billion in 2017-2018. HMRC claims total revenues have not been affected but it’s worth noting that this trend could have long-term consequences; over the last five years non-doms have contributed over £45 billion in UK tax.

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