Non-Doms: The New Political Battleground
By International Adviser, 10 Apr 15
Some commentators were prompted to say that the election battle began in earnest earlier this week, with Ed Miliband’s announcement Labour will do away with the rules which provide for the remittance basis of taxation in the UK.
What are the tax consequences?
The remittance basis means you are fully taxed on everything you earn in, and bring to, the UK – just like any other UK resident.
So to describe it as unfair is somewhat baffling. The only difference is that you are not taxed on overseas monies which you do not bring to the UK.
Hence the name: you are only taxed on what you remit. You might of course be taxed on your overseas monies in other jurisdictions.
Tags: Non Doms
