Question to the HM Treasury:
To ask Her Majesty’s Government, in the light of the announcement in the Summer Budget 2015 that non-doms who have been resident in the UK for at least 15 of the last 20 years would in future be deemed to be domiciled in the UK for tax purposes, how many non-doms have since left the UK; and what is their estimate of the reduction in tax and annual charges under the remittance basis regime which has resulted from those departures.
The reforms announced at Summer Budget 2015 to the way that non-domiciled individuals are taxed in the UK did not take effect until April 2017, and the Government does not hold data on the effect of the announcements. In addition, the Business Investment Relief has been expanded to encourage further investment in UK business by non-domiciled individuals.
The reforms will be legislated for in the current Finance Bill and are carefully targeted to make the UK’s tax system fairer whilst ensuring that the UK remains an attractive destination for those people who want to live, work and invest here.