Non-Doms: The New Political Battleground
By International Adviser, 10 Apr 15
Some commentators were prompted to say that the election battle began in earnest earlier this week, with Ed Miliband’s announcement Labour will do away with the rules which provide for the remittance basis of taxation in the UK.
Is the remittance basis automatic?
No. Resident non domiciles (‘RNDs’) who have been in the UK for less than seven years can opt to be taxed on the remittance basis without charge.
After seven years a £30,000 charge applies, after twelve years this increases to £60,000 and after seventeen years this increases to £90,000.
You will still pay tax on all your UK income and all monies you remit even when you pay this charge.
Tags: Non Doms
