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July Budget 2015: Non-doms “will pay the same tax as everyone else”

first_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost Funzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorEliteSinglesThe Dating Site for Highly-Educated Singles in ScottsdaleEliteSinglesTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveTotal Battle – Tactical Game OnlineThe Most Addictive Strategy Game of 2021Total Battle – Tactical Game OnlineTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm George Osborne has announced that he will crack down on non-doms who evade or aggressively avoid taxation.Widely anticipated before the Budget, Osborne said he would name and shame tax avoidance schemes. We’ve stopped these blatant abuses that were allowed to flourish, and many others. But we said to the British people we would do more – and find a further £5bn a year, and I can confirm we have done so.Read more: The Budget as it happened – Osborne cuts corporation tax and bank levyThe non-dom system has been an important feature of the tax scheme, he says, and “abolishing it would, as Ed Balls noted, probably cost the country money”. But there are some “unfairnesses” in the regime.There are some fundamental unfairnesses in the non-dom regime that I am putting a stop to today. From now on they will pay the same level as tax as everyone else.It is not fair that people who are born in the UK to parents who are domiciled here, can later in life claim to be non-doms and live here.It is not fair that non-doms with residential property here in the UK can put it in an offshore company and avoid inheritance tax. From now on they will pay the same tax as everyone else.Read more: Everything you need to know about the 2015 July BudgetThe changes will raise £1.5bn in cash for the exchequer, which will come into effect in 2017.Those born in the UK to parents domiciled here will not be able to inherit non-dom status.People will not be able to have permanent non-dom status. Anyone resident in the UK for 15 of the last 20 years will pay full UK tax.Non-dom status was meant to be temporary but it became permanent for a lot of people, he said, so “I am today abolishing permanent non-dom tax status.”British people should pay British tax in Britain – and now they will.Osborne also said “the richest are now paying a greater share of tax than they used to and a greater share of state support is going to the most vulnerable”.[custom id=”48″] whatsapp July Budget 2015: Non-doms “will pay the same tax as everyone else” James Nickerson whatsapp Wednesday 8 July 2015 7:57 am Show Comments ▼ Tags: July Budget 2015 Taxlast_img read more