hypocrisy of the media

[Stevo 666]

'Non-Dom' tax rules have changed under this Labour administration*.
Finance Act 2025 makes major changes to the tax rules for ‘non-doms’ (those resident in the UK but not permanently domiciled here), removes the VAT exemption for private school fees, increases some rates of capital gains tax and stamp duty land tax, and extends the energy profits levy on the oil and gas sector.

*Bit in bold as a reminder to the cynics, Starmer bashers, Tory fanboi's et al.

It's true that Labour have changed the non dom tax rules. But I'm not clear what your point is here?

 

[Psamathe]

The trouble with wealth being "offshore" or vice versa is that these days investing money "offshore" is as easy as investing domestically (in UK). Investors chose wherever the investment opportunities they seek happen to be (security/risk vs income/growth, etc.). Same applies to non-Doms, they talk about what a benefit it is to them living here where reality is that they can live in UK yet invest significant amounts overseas. Living in UK does not mean those people will be investing in UK.

Ian

'Non-Dom' tax rules have changed under this Labour administration*.
Finance Act 2025 makes major changes to the tax rules for ‘non-doms’ (those resident in the UK but not permanently domiciled here), removes the VAT exemption for private school fees, increases some rates of capital gains tax and stamp duty land tax, and extends the energy profits levy on the oil and gas sector.

*Bit in bold as a reminder to the cynics, Starmer bashers, Tory fanboi's et al.

My point was that where you live does not affect where you invest your money. Non-doms will be investing in countries that fit their investment aims (returns vs growth vs security, etc.).

So for various reasons I live in UK yet have significant %age of my savings invested overseas. Those overseas investments grow tax free (and last couple of years growth has massively exceeded anything the UK can offer). And when I return those investments to UK, provided I do it in a tax efficient manner I'll be paying good way less than 20% to UK Gov.

The fear of non-DOMs moving overseas does not mean they'll be taking their investment out of UK as that investment will already be where they it meets their aims (maybe in UK maybe overseas).

Ian

 

[Pinno718]

My point was that where you live does not affect where you invest your money. Non-doms will be investing in countries that fit their investment aims (returns vs growth vs security, etc.).

So for various reasons I live in UK yet have significant %age of my savings invested overseas. Those overseas investments grow tax free (and last couple of years growth has massively exceeded anything the UK can offer). And when I return those investments to UK, provided I do it in a tax efficient manner I'll be paying good way less than 20% to UK Gov.

The fear of non-DOMs moving overseas does not mean they'll be taking their investment out of UK as that investment will already be where they it meets their aims (maybe in UK maybe overseas).

Ian

I don't disagree.

Boots plc moved their HQ to Switzerland to reduce their tax burden.

 

[Stevo 666]

I don't disagree.

Boots plc moved their HQ to Switzerland to reduce their tax burden.

Have you ever heard of tax competition between countries?

 

[Stevo 666]

My point was that where you live does not affect where you invest your money. Non-doms will be investing in countries that fit their investment aims (returns vs growth vs security, etc.).

So for various reasons I live in UK yet have significant %age of my savings invested overseas. Those overseas investments grow tax free (and last couple of years growth has massively exceeded anything the UK can offer). And when I return those investments to UK, provided I do it in a tax efficient manner I'll be paying good way less than 20% to UK Gov.

The fear of non-DOMs moving overseas does not mean they'll be taking their investment out of UK as that investment will already be where they it meets their aims (maybe in UK maybe overseas).

Ian

The main issue with the latest changes made by Labour for non doms (as I understand it) relates to IHT. Specifically that all global assets are subject to IHT which is a major change and one that can be avoided by becoming tax resident elsewhere before they die.

Your point about their UK investments can be debated but there are other things Labour is doing that make the UK a less attractive place to invest. Also once gone, their personal earnings and expenditure which were subject to UK tax will no longer be so.

 

[Psamathe]

The main issue with the latest changes made by Labour for non doms (as I understand it) relates to IHT. Specifically that all global assets are subject to IHT which is a major change and one that can be avoided by becoming tax resident elsewhere before they die.

IHT is one of the easier taxes to completely legally avoid even with minimal planning (sadly talking from personal experience here).

Ian

 

[Stevo 666]

IHT is one of the easier taxes to completely legally avoid even with minimal planning (sadly talking from personal experience here).

Ian

Yep, it certainly is fairly easy to deal with. My own inheritance wasn't a problem as there wasn't a huge amount of it, but I am making sure that my daughter does not have to worry about hers (bar me keeling over unexpectedly early).

 

[Stevo 666]

Anyhow I assume Pinno has no point as he hasn't replied to me. Either that or he's sulking because I dared to question why people had such a personal issue with Trump 🙂

 

[CXRAndy]

He is a millionaire

Corrected for you.