Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Cancelling non doms tax system could be disastrous for UK PLC

by March 6, 2024
March 6, 2024
Cancelling non doms tax system could be disastrous for UK PLC

The decision to cancel the abolition of the non-domiciled (non-dom) tax system has sparked concerns among financial experts, who warn of potentially disastrous consequences for the UK’s economy and investment landscape.

Mohammad Uz-Zaman, a chartered wealth manager and Founder of ADL Estate Planning, highlights the significant contributions made by 68,000 non-doms to the UK’s tax revenue, amounting to £8.5 billion in income, capital gains, and employment taxes. He cautions against the removal of non-dom remittance rules, arguing that it could have detrimental effects on the UK’s long-term economic growth and talent attraction efforts. Uz-Zaman emphasizes the importance of fostering an environment conducive to growth and attracting international talent in an increasingly competitive global landscape.

Adam Craggs, Partner, Tax Disputes at RPC, echoes similar concerns, describing the scrapping of the non-dom tax status as a major shift in the UK’s tax regime. He predicts a potential exodus of much-needed investment as affected individuals seek more favorable tax environments elsewhere. Craggs highlights the substantial tax contributions made by non-doms and stresses the need for affected taxpayers to carefully evaluate the implications of the Chancellor’s announcement and take appropriate measures to safeguard their financial interests.

Read more:
Cancelling non doms tax system could be disastrous for UK PLC

0
FacebookTwitterGoogle +Pinterest
previous post
UK SMEs feel let down by ‘entrepreneur’ chancellor
next post
Chancellor criticised for lack of support for electric vehicle sales in budget announcement

You may also like

Oracle NetSuite unveils new innovations to help businesses...

October 17, 2023

Maximising Efficiency and Productivity: The Critical Role of...

January 4, 2024

Climate Change Impacting Easter Egg Prices

March 21, 2024

Intel to cut 15,000 jobs in bid to...

August 2, 2024

The long game: Avoid risky get rich schemes...

May 3, 2024

Ministry of Foreign Affairs of Ukraine Started Call-Center...

August 8, 2022

Private schools to charge VAT from January as...

July 30, 2024

Bank of England delays plans for move to...

November 22, 2022

Top brewer warns average cost of a pint...

October 26, 2022

We won’t pay, insist 1.7m planning to stop...

September 2, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump’s tariff strategy could pay for his tax bill, but only if they stick, experts warn

      June 6, 2025
    • Trump not interested in talking to Musk: ‘Elon’s totally lost it’

      June 6, 2025
    • When the President Bit: From the Shark House to the White House

      June 6, 2025
    • Big Rally Ahead Should Yield All-Time High on This Index

      June 6, 2025
    • Claim Trump nixed top Musk ally from NASA post over Dem donations belied by ex-Dems on team

      June 6, 2025
    • House Budget chairman explains why there’s no ‘pork’ in Trump tax bill after Elon Musk attacks

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,014)
    • Politics (15,549)
    • Stocks (3,132)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved