UK Chancellor Rachel Reeves delivered "severe fiscal and economic dangers" with her reforms for the non-dom tax regime in her recent budget, research by Oxford Economics has found.
Commissioned by advisory group Foreign Investors for Britain (FIFB), the report calculates the changes to the non-dom tax regime, especially those relating to inheritance tax on worldwide assets, will actually result in a £900 million ($1.13 billion) cost to the UK Exchequer and not, as the Office for Budgetary Responsibility has predicted, a gain of £3 billion. The report was based on a survey of 115 current foreign investors and 42 specialist tax advisers who represent 614 "non-dom" clients.
“The Autumn Budget 2024 offered the UK government the opportunity to pause its proposed non-dom reform and to reflect upon the evidence-base that Foreign Investors for Britain has been steadily contributing," said Leslie MacLeod-Miller, chief executive of Foreign Investors for Britain. "FIFB supports a fairer system of taxation and our solution means that foreign entrepreneurs and investors would actually pay more but without a change of approach this internationally mobile group will leave and take their money with them.
"Sadly the government did not act upon the behavioural and economic conclusions of a vast number of foreign investors and their advisers. Neither HM Treasury nor the Office of Budget Responsibility have fully engaged with the data we have provided – or the offer to work in partnership to model further data – particularly around the Tiered Tax Regime, and so a large number of non-doms are not just heading to the airport, the planes are leaving the runway, heading to more tax efficient destinations such as Switzerland, Portugal, Dubai, Malta and others."
The Tiered Tax Regime (TTR) is a scheme put forward by FIFB as an alternative to Ms Reeves's plan to scrap the non-dom tax status in favour of a residency-based system. FIFB believes the contributions that non-doms make as investors in the UK economy is seriously underestimated, as is the amount they pay in tax through VAT and various other levies. On average, respondents to the Oxford Economics survey paid £800,000 in UK VAT in the 2023/24 tax year and £890,000 in stamp duty over the past five years.
Under the TTR, non-doms would pay an annual charge based on their net wealth but their non-UK assets would be protected from inheritance tax. In addition, their foreign income and gains would be exempt, as well as any UK investments for up to 15 years, while their UK earnings would be subject to taxation.
'Net fiscal gain'
The proposed annual charge would increase from £200,000 for those with wealth under £100 million to £500,000 for those with wealth between £100 million and £250 million, to £1 million for those between £250 million and £500 million, and £2 million for those with wealth over £500 million.
“Our analysis shows that under the TTR, the UK could see a substantial increase in attracting high-net-worth international entrepreneurs, investors and workers," said Alex Stewart, associate director at Oxford Economics. "It is highly likely that the TTR would provide a net fiscal gain while safeguarding the UK’s position as a desirable destination for global talent and investment.”
The TTR, Oxford Economics said, could potentially create a £680 million fiscal benefit for the UK, and boost the number of high-net-worth foreign investors living in Britain by 61 per cent over the next five years. Meanwhile, 62 per cent of the respondents in the survey indicated they would or were actively considering leaving the UK shortly as the Treasury's tax plans stand at the moment, compared to only 5 per cent if the TTR was to be introduced by next April.
Oxford Economics and FIFB contend the survey indicates that not only would the TTR system mean wealthy foreign investors would delay or reconsider their emigration plans from the UK, but would also attract new investment. “Foreign investors and entrepreneurs are particularly sensitive to IHT [inheritance tax] on foreign assets, a concern which the proposed TTR would address," said Dominic Lawrance, partner at the legal firm Charles Russell Speechlys.
"The TTR proposal offers the clarity and certainty that would encourage these individuals into the UK, so that they can contribute to the UK economy and indeed to its society. With the TTR, the UK has an opportunity to create a welcoming tax regime for foreign investors and entrepreneurs, which would at the same time generate very meaningful tax revenues from them."
ELIO
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Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
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Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
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Killing of Qassem Suleimani
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Courtesy: Crystal Intelligence
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
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- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
