Number of UK non-doms down by 11%

The number of super-rich people who live in the UK but pay no tax on their offshore income has fallen by 11%, according to HMRC data. UK-based people holding nondomicile tax status in the 2020/21 financial year totalled 68,300, a fall of 8,200 on the previous year. HMRC pointed to travel restrictions caused by lockdowns as a reason for the fall in non-doms, saying: “We see that the primary driver of this is fewer new non-domiciled taxpayers coming to the UK to replace those who normally leave.” HMRC said the fall in numbers was also driven by residents choosing to change their status to be UK-domiciled after the Government introduced an annual “non-dom levy” of between £30,000 and £60,000.

The Guardian

Related Post

Reeves urged to abolish the £175,000 residence nil-rate band The Chancellor is facing pressure to eliminate the £175,000 residence nil-rate band in her upcoming Budget. Rachel Reeves previously argued that this allowance, which costs around £2bn annually, primarily benefits the wealthy and now the Resolution Foundation is pushing her to scrap it. In 2011, she stated: “Raising the inheritance tax limit to £1m for […] By Lisa Brownlow, 18 September 2024
Read Now
Small firms responsible for 80% of tax evasion Analysis by the National Audit Office (NAO) shows that small firms are responsible for more than 80% of tax evasion. The report cites HMRC estimates that £5.5bn was lost to deliberate tax evasion in the 2022/23 financial year, with small businesses responsible for 81% of the total. Despite a reduction in the overall tax gap […] By Lisa Brownlow, 16 September 2024
Read Now
Threshold freeze creates 4.4m more taxpayers The number of people paying income tax has increased by 4.4m in three years due to the freeze on thresholds, according to HMRC data. The figures also show that the decision to freeze the personal threshold at £12,570 has pulled an additional 1.77m pensioners into the income tax bracket. There are currently an estimated 37.4m […] By Lisa Brownlow, 3 July 2024
Read Now
↑